It gives me immense pleasure to welcome you to Indofil Industries Ltd.
We at Indofil believe in the philosophy of a robust profitable growth resting on the solid foundation laid out on the principles of Transparency, Togetherness and Trust.
Transparency builds confidence which is critical for long term success. Togetherness ensures team work and lesser chances of committing errors and Trust ensures that everyone is committed towards a common goal.
These principles have helped us in bringing forth harmony amongst the employees which has helped in developing a culture that prioritizes people above everything else. There is no better testimony to this fact than the accolades achieved in the Great Places to Work survey by Economic Times where we were ranked amongst the best companies to work for in INDIA (ranked 45th) & were recognized as the Industry’s Best in the manufacturing & production sector. This is a crowning glory for our efforts and we are now fully motivated to achieve our goal of 2 billion dollar valuation by the year 2021.
It gives me great pleasure to announce that we have achieved 14% increase in net sales with the CAGR maintained at 24% in the financial year ‘18, despite numerous external economic challenges.
The financial year started with businesses still reeling under the after – effects of demonetization. No sooner than we recovered from its effects came the challenge of GST. These macro-economic challenges affected the tempo of growth, especially in the domestic market. In the International market, we had to contend with the challenge of volatile NRVs for our products. Pollution control norms imposed by the Chinese government on their factories further impacted our businesses with the supply of some key raw materials getting affected. But what gladdened me through it all was the way in which our teams responded to these challenges in every step of the way. The fruits of their combined efforts were visible in our performance recovering their usual tempo in the last quarter of financial year ’18. This helped us achieve a growth rate over and above the industry average.
Our Agro Domestic Business emerged with flying colours in the financial year gone by, despite the challenge of GST implementation at the start of the year. There again, I take pride in noting the exemplary work put in by our GST taskforce which ensured that our transition into the GST era was very smooth. We were one of first companies in the industry to bring out a GST invoice.
Our quick adaptability to this landmark change ensured that our businesses had a head start in the market. This was reflected in the way the performance spiked in the months that followed GST implementation. The concerted efforts put in by the teams resulted in our domestic business achieving its growth target, despite the early setback.
Our Agro International business faced what was probably its most challenging year in the last 4-5 years. Rise of channel inventories in markets like Brazil resulted in volatility in the International market and led to huge price fluctuations. A drop in prices for some of our key products posed a real challenge for our international business team. What compounded this challenge was the situation in China. With the Chinese government tightening its norms on industries in order to cut down on its emission, many industries were forced to shut their facilities temporarily or permanently. Some of our suppliers from China were not able to continue their supply of key raw materials to our products. This resulted in a raw material shortage in the global market and also posed a risk of impacting our production. But here again, our team responded to this challenge proactively and ensured that there is no stoppage of raw material supply for our production. The joint, continuous efforts put in by all our cross-functional teams bore fruit with our International business regaining much of its lost ground in the last quarter of the financial year and achieving its target.
IndoLife Super Specialities, our new business vertical on Plant Nutrition products, has performed exceedingly well in its very first year of operation. The business has innovated by looking at the online e-commerce platforms for the sale its products, apart from the existing sales channels. This has opened a new channel for sale of our products.
Our specialty and performance chemical business vertical – Indofil Innovative Solutions has put on a splendid performance in the year gone by. This business was perhaps the most affected by the after-effects of demonetization. But the team managed to create new opportunities out of this challenge and ended the year by managing to scale all the targets that were set.
All these efforts have ensured that Indofil has inched ever closer to a top line of 2000 crores.
The year also witnessed the completion of our new plant project in GIDC Dahej, Gujarat. The new unit is built with state-of-the-art technology and all new modern facilities. The unit has 2 plants within – one for our EBDC products which will enhance our Mancozeb capacity and the other for our specialty chemical products which will not only enhance the capacity of our existing products, but will also help add new products to our basket.
While we aim to grow our businesses with some steep targets, the ulterior objective has always been to grow with a clear focus on the values that we hold dear.
On the manufacturing front, the focus has been on maintaining the highest EHS standard and improving process efficiencies. Now all our effluent parameters such as BOD, COD, pH, TSS are monitored online. We have also implemented online EHS Management system for incident reporting and investigation, ensuring legal compliances and health monitoring of employees.
On the R&D front, the focus has been on developing cost effective, safe processes for new products that are in the pipeline to be introduced in our facilities at Dahej. Our R&D team is also involved in improving the existing processes and subsequently improving the yield of the products.
Our Growth Office has been fuelling Indofil’s growth (both organic & inorganic) with continuous data mining and analytical support. The team is also functional in planning and coordinating the business plan across divisions in order to make it robust and fruitful.
Some of the key awards won by Indofil during the financial year 2017-18 are as follows:
- “India’s Best Companies to Work For – 2017” by Great Place to Work – Ranked 45th
- Great Places to Work Survey – Best in Manufacturing Category
- Promising Brands of the Country for the year 2018 by Economic Times
- The Apex India Environment Excellence Award 2017” under Platinum Category
- Gujarat State Level Quality Circle – State Champions on Quality
- Quality Circle Forum of India – Gold Quality Winners
The investment guru Warren Buffett once remarked, “Someone’s sitting in the shade today because someone planted a tree a long time ago”, when asked about the importance of planning ahead. Likewise, at Indofil, we believe in looking ahead and not just plan, but act towards it.
As part of our long term strategy, we have already increased our capacity in order to meet the rising demand for our products. We have forayed into new international markets like Brazil by establishing our subsidiaries there. We are also in the process our transforming our supply chain in a big way in order to be future-ready. Also, our digitization project is helping us upgrade all our processes to be abreast with the latest developments on the technological front.
Indofil’s success story would not have been possible without the contribution of our customers and dedicated employees who have partnered us in our incredible journey so far. We look forward to continue serving them and all our stakeholders in the future too. We appreciate the ongoing support received from all our well-wishers and we pledge to continue with our efforts to excel and exceed their expectations.
I hope our portal creates an opportunity for our valued visitors around the world to learn more about our strategies, financial performance, cutting – edge technology, operations, services, sustainability initiatives, and values.
To be successful, we don’t have to do different things. We just have to do things differently like responding to an ever changing market – not only to survive but to thrive and prosper!
Wish you and your family all the happiness and prosperity!