Dear Shareholders,

I would like to express my gratitude for your trust in APAR. Our transformative journey has been defined by our strengths in power infrastructure, telecommunication, and mobility, providing innovative solutions for the future. Over the past 65 years, we have measured our success by the success of our customers. This drive pushes us to lead in innovation, developing products and services that are more energy-efficient, environmentally sustainable, and safer. Every major investment and action taken in the company over the last two decades has been inspired by this focused mission.

Leading the Renewable Revolution

The critical issue of greenhouse gas (GHG) emissions surpassing the environment’s capacity to absorb them. Coupled with a projected annual energy consumption growth of over 2% for the next 25 years, this has spurred global climate action.

This drive is fundamentally reshaping how energy is produced, transmitted, and consumed, with the goal of reducing or eliminating emissions. Today, 85% of new global energy capacity comes from renewable sources like wind and solar, whilst hydrocarbon sources are being phased out. Achieving emissions-free energy consumption hinges on widespread electricity adoption.

This shift is paving the way for electric vehicles (EVs), heat pumps, and other low-emission technologies. This is where APAR comes in.

Enabling the Global Energy Transition

As the energy transition unfolds, APAR is poised to seize numerous growth opportunities, as detailed in our comprehensive annual report. Having evolved into an India-based global company, APAR stands out by offering a wide array of products across the entire value chain. From cables for solar, wind, and nuclear power installations to transmission lines with aluminium alloys and high temperature low sag conductors, copper transpose conductors, transformer oils, optical fibre ground wire, mobility cables, and low-emission lubricants, our diverse product portfolio underscores our pioneering role.

These efforts position APAR as a key player driving significant impact in the global energy transition. To know more about our business initiatives and innovations, please read more in the ‘Our businesses’ section.

Reaching New Heights

I am pleased to share that our organisational positioning and actions to bring – Tomorrow’s Solutions, Today – has been instrumental in creating a sustainable growth platform for APAR both in India and Globally. This was validated by our performance during the last financial year: revenue grew [13]% to Rs [16,153] crore, EBITDA increased [24] % to Rs [1,632] crore, and profit after tax strengthened [29]% to Rs [825] crore.

The company’s performance during the last financial year was the best in our history. It marked the successive year of revenue and profit growth – the financial index by which we measure the strength of our business model.

We attribute this growth momentum to a deliberate, forward-looking strategy that includes a clear vision, precise and timely execution, proactive investments, and a compelling, solution-oriented approach for our customers.

The energy transition is a multidecadal trend that the world and its citizens must embrace, with electricity serving as its central element. We remain optimistic about the future and are confident in our ability to sustain this growth trajectory, delivering enduring value to our customers and stakeholders. Together, we are forging a brighter and more prosperous future.

Elevating Manufacturing Excellence

At the heart of APAR’s manufacturing prowess lies a relentless pursuit of operational excellence. Through a strategic alignment of people, processes, technologies, and resources, the company strives to optimize production and deliver superior results, quality, and after-sales value. Guided by the principles of Six Sigma and Kaizen, APAR’s continuous improvement initiatives are driving remarkable gains in efficiency and productivity. By meticulously identifying and eliminating waste and inefficiencies, the company is able to reduce costs, enhance product features, and consistently exceed customer expectations.

Driving Forces of Success

This journey has culminated from the contributions of many. At APAR, our journey has always been centered around our employees. We cherish the APAR Parivar, fostering a familial environment where every individual is not just involved but deeply invested in our company’s growth and success. This past year, our culture was affirmed with the prestigious Great Place to Work award. From powering India’s infrastructure with Vande Bharat trains to connecting the INS Vikrant aircraft carrier, our APAR Parivar stands as the silent force behind groundbreaking innovations. It is with great pride that I acknowledge our distinguished Shareholders, committed Partners, loyal Customers, and trusted Investors as they continue to support APAR’s ascent.

I believe that APAR is positioned to grow over the next decade and benefit from this tremendous opportunity of the global energy transition and deliver responsible returns to our stakeholders. I am powered by your tireless support and steadfast championing as we embark on this trailblazing expedition to collaboratively shape the future of energy. Driven by the company’s commitment to pushing the boundaries of innovation and sustainability, we are forging a greener, more sustainable tomorrow.

Yours sincerely,

Kushal Desai