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Ketan has a point in that the tailwinds mainly come from increasing demand and the Indian manufacturers are not in a position to take advantage as they are always behind in terms of technology and pricing power. The turnaround comes from govt.’s protection which makes it fragile as they will again crumble in the face of competition.
Its not a Tata motors like story where they either acquired (JLR) or developed in-house capabilities, allowing them to be competitive with other large players. The company itself is forward looking. Whereas Solar manufacturers in India are not forward looking even though the industry is.

NOTES AR-FY24

• Global refining capacity is projected to expand by 3.3 million barrels per day between 2023 and 2030, supported by a simultaneous increase in the supply of non-refined fuels such as biofuels and natural gas liquids (NGLs).

• Some of the key major projects successfully executed during our journey include:

  1. Successful Commissioning of Crude Heaters and CCR Heaters for Dangote Refinery Heaters (Nigeria).
  2. Commissioning of Methanol Reformer for Assam Petrochemical.
  3. Crude Heaters and Atmospheric Residue Heaters for Pemex, Mexico.
  4. Hydrogen generation and dispensing station at IOCL R&D centre, Faridabad.

• Company supplied modularised heaters to Nigeria for the largest single-train refinery. This project involved designing and delivering some of the biggest
  heaters ever constructed, showcasing our ability to manage complex, large-scale modularisation tasks with precision and efficiency.

• We are collaborating with IIT, Mumbai for advanced burner technology, reflecting our commitment to environmental sustainability and innovation.

• we have added 103 new employees during the year in various functions thereby increasing our team strength to 253 staff members as at end of FY2024. (68% increase in employee strength in a year)

Anybody has AGM notes and update on ethanol unit.

Current distillery market is very fragile due to high grain prices