Rajratan Global Wire Limited , a leading manufacturer in the wire industry, recently held its 37th Annual General Meeting (AGM), where shareholders approved several important appointments and decisions. The meeting, which lasted 16 minutes, saw the approval of key director appointments and the selection of a new secretarial auditor.

Director Appointments

The shareholders approved the re-appointment of two Independent Directors and the appointment of a new one:

1. Mrs. Alka Arora Misra: Re-appointed as an Independent Director, Mrs. Misra brings over 35 years of experience from the Indian Railways. She is a former senior bureaucrat specializing in infrastructure, logistics, and human resource development. Mrs. Misra also serves as the founding Vice Chancellor of the National Rail and Transport University in Vadodara.

2. Mr. Sanjeev Sood: Re-appointed as an Independent Director, Mr. Sood has more than four decades of experience in manufacturing and P&L roles. He currently leads Aditya Birla Group operations in Thailand and serves on the boards of several companies in the region.

3. Mr. Sandeep Mahajan: Newly appointed as an Independent Director, Mr. Mahajan is the Chairman of Assurance International Ltd. He brings over 30 years of leadership experience across global consumer brands, including previous roles as Chairman & Managing Director of Goodyear India Ltd.

Secretarial Auditor Appointment

Shareholders approved the selection of Mr. Palash Jain & Co., Practicing Company Secretaries, as the company's Secretarial Auditors. The firm will serve for a five-year term from FY 2025-2026 to FY 2029-2030.

Voting Results

The company reported strong shareholder participation in the voting process:

Other AGM Business

The AGM also saw the approval of other standard items of business, including:

• Adoption of the audited financial statements
• Declaration of a dividend of Rs. 2 per equity share
• Re-appointment of Mr. Abhishek Dalmia as a director
• Ratification of Cost Auditors' remuneration

The meeting was conducted through video conferencing, with the company's registered office deemed as the venue. The scrutinizer's report confirmed the voting results.

These appointments and decisions reflect Rajratan Global Wire's commitment to strong corporate governance and its efforts to bring diverse expertise to its board. The high approval rates for all resolutions indicate strong shareholder confidence in the company's direction and leadership.

Rajratan Global Wire Limited , a leading bead wire manufacturer, has reported a mixed performance for the first quarter, with revenue growth offset by margin pressures and increased competition.

Revenue and Volume Growth

The company's consolidated revenue grew by 12% year-on-year to Rs 246.51 crores, compared to Rs 220.14 crores in the same quarter last year. This growth was primarily driven by an 8% increase in total sales volume, which reached 28,634 tonnes. The India operations contributed 16,961 tonnes, while the Thailand operations added 11,673 tonnes to the total volume.

Profitability Metrics

Despite the revenue growth, Rajratan Global Wire faced some challenges in profitability:

• EBITDA grew by 5% to Rs 30.94 crores
• EBITDA margin declined to 12.55% from 13.40% in the comparable quarter
• Profit after tax (PAT) decreased by 11% to Rs 13.52 crores

Operational Highlights

• The company's India operations generated 64% of the revenue, while Thailand contributed 36%.
• The newly established Chennai plant is targeting over 50% utilization, with break-even expected by the third quarter.
• Rajratan received the TPM Excellence Award for its Pithampur facility.

Market Dynamics and Challenges

Chairman Sunil Chordia noted several factors affecting the company's performance:

• Weak steel prices benefited margins
• Increased competition in Thailand
• Capacity additions in India exceeding market growth
• Approximately Rs 18-20 crores worth of goods in transit for export orders, impacting revenue recognition

Strategic Focus

The company is implementing several strategies to navigate the current market conditions:

1. Maximizing capacity utilization and offtake
2. Protecting and enhancing market share
3. Improving fixed cost absorption, particularly at the Chennai plant
4. Focusing on value-added sales to marquee tyre manufacturers

Sustainability Initiatives

Rajratan Global Wire is also emphasizing sustainability in its operations:

• Solar power installations commissioned at the Thailand facility
• Ongoing solar power installation at the Chennai plant
• Adoption of recyclable packaging and promotion of chemical reuse in operations

Looking Ahead

The company expects improved performance in the coming quarters, driven by:

• Higher sales volumes and improved realizations
• Increased utilization of the Chennai plant
• Potential revenue boost from the Chennai plant's 8% PLI scheme eligibility
• Rising exports to the US and Europe

Rajratan Global Wire Limited continues to navigate a complex market environment, balancing growth opportunities with operational challenges as it expands its global footprint in the bead wire manufacturing industry.