It is with great pleasure and gratitude that I present to you the Annual Report for the year 2022-23.
Over the past year, we have faced unprecedented challenges that have tested our resilience and adaptability. However, despite the difficult circumstances, I am proud to share that our company has not only weathered the storm but has emerged stronger than ever. The company's ability to learn from the setbacks and adapt its strategies has set the stage for our transformative journey. Our unwavering dedication, strategic foresight, and the team efforts of our talented workforce have paved the way for remarkable accomplishments.
As we navigate an ever-evolving business landscape, it is crucial to acknowledge the significant milestones we have achieved together that have enhanced our competitive advantage. The financial year witnessed a remarkable resurgence of our products in the market, as it achieved substantial revenue growth and returned to profitability. The company's focused efforts, coupled with the successful execution of new business strategies, resulted in a significant uptick in the market share. The diligent pursuit of cost management initiatives, margin optimization and operational efficiency further bolstered profitability, marking a pivotal milestone in the company's journey.
One of our key achievements this year has been the successful supply of dry type transformers for the Central Vista Redevelopment Project, a plan under the prestigious Atmanirbhar Bharat initiative that includes construction of new Parliament building, marking a significant achievement for our Company. To further strengthen our association with the Government of India, our Company continues to supply products for Indian Railways and the Ministry of Defence. Our notable achievements also include capital expansion projects in association with most of the leading steel plants in India catering to diverse applications and customer requirements cementing our market position and driving sustained growth.
The EV market in India is still in its early stages of development, but it is growing rapidly. The Economic Survey 2023 predicts that India's domestic electric vehicle market will see a 49% compound annual growth rate (CAGR) between 2022 and 2030, with 10 million annual sales by 2030. The Indian government has set a target to achieve 30% electrification of the country's vehicle fleet by 2030, and has introduced several incentives and policies to support the growth of the EV industry while also giving a major boost in the FY 2023-24 Union Budget for the production of electric vehicles. As the demand for EVs increases, it presents a tremendous opportunity for our company to grow while also contributing to the growth of India's EV ecosystem. Our EV motors have proven to be a resounding success in the market. The positive reception and growing demand for our EV motors have solidified our position as pioneers in our field. As we continue to push the boundaries of electric mobility, we remain committed to advancing the technology of our motors and driving the transition to a cleaner and greener future.
Moving forward, as part of our long-term growth plan, we have identified several core industries where we believe we can make a significant impact. These industries include power, steel, cement, renewable energy and sugar in addition to other business segments such as Bio technology, Bio refinery and infrastructure. By concentrating our efforts on these core sectors, we aim to capitalize on our strengths and expertise while maximizing our potential for success. Each of these industries presents unique prospects for growth and development, aligning with our vision for a sustainable future. We are confident that by focusing on these sectors, we will enhance our competitiveness, deliver value to our stakeholders and achieve sustainable growth.
In addition to our accomplishments, it is crucial to acknowledge the invaluable role played by our dedicated workforce that works tirelessly to cater to the ever - evolving needs of our customers. I want to express my deepest gratitude to each and every one of our employees for their unwavering commitment to our shared vision and for upholding the values that define us.
Going ahead, we must not rest on our laurels. The future promises both immense opportunities and complex challenges. The lessons learnt from past challenges, coupled with the company's newfound resilience and determination will help us ensure our sustainable growth for which we must embrace change and adapt to new technologies. As we embark on the next phase of our journey, the focus shall continue to be on strengthening our relationships with our customers, business associates, dealers, channel partners, vendors and suppliers and working closely with them to understand their requirements better for they are our most important asset.
In closing, I extend my sincere appreciation to our esteemed shareholders, esteemed board members, bankers, suppliers, customers and all stakeholders for your unwavering support, trust and belief in our company. I am confident that, with our collective efforts we will continue to achieve new milestones, exceed expectations and create a legacy that transcends generations.
Our shareholders' interests will always remain at the forefront of our decision-making process as we navigate opportunities and mitigate challenges. Looking at the future, we are filled with a sense of optimism and determination. With your continued support, I am confident that we will forge an even brighter future that is not only prosperous for our company but also contributes to the growth and development of the communities we serve.
Thank you and here's to another successful year ahead!
Vijay R Kirloskar Executive Chairman