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"OUR COUNTRY IS POWERING AHEAD AS ONE OF THE WORLD'S FASTEST-GROWING MAJOR ECONOMIES. THIS, IN TURN, IS CREATING OPPORTUNITIES FOR EMPLOYMENT AND ENTREPRENEURSHIP FOR MILLIONS OF PEOPLE".
India is home to a predominantly young and aspirational population, whose afï¬nity for brands is growing day by day. Two-thirds of the nation's ~1.3 billion people are below 35 years of age with growing disposable income. To offer you a perspective, that is more than twice the US population.
The Government of India has also undertaken a series of reforms to catalyse the formalisation and digitisation of the economy. From managing ï¬scal consolidation, rolling out the country's biggest indirect tax reform - the Goods and Services Tax (GST), improving the 'ease of doing business' to introducing the Real Estate (Regulation and Development) Act, the Government of India is energising the economy and ushering in transparency across sectors.
In this environment, our values of innovation, creativity, excellence and customer-centricity are really coming into their own. At HSIL, we are reimagining our businesses to serve a new India with new energy and endeavours and to unlock exceptional value for all our stakeholders. We have made encouraging progress in aligning the diverse aspects of the operational ecosystem, including systems and processes, to increase capabilities and grow steadily.
We have come a long way by developing innovative bathroom solutions for customers and now, over the past few years, are investing to become more agile and aligned to evolving customer requirements. We have ventured into new and synergic businesses to create diverse revenue streams. At the same time, we continue to push the innovation envelope across our businesses. During the year, we introduced new product categories with a palette of offerings that incorporate different styles, functionalities, materials and colours for customised choices. Design is highly personal, we respect and value that element in our craft.
Our robust marketing capabilities, wide distribution network, strong relationship with existing dealers and customers and our wide range of offerings across the price spectrum have enabled us to grow consistently. In a digital-first economy, we are leveraging the reach and recall of e-commerce platforms and are partnering with them to grow our online presence. Moreover, we have further fortiï¬ed our relationships with customers in the packaging products industry by enhancing our capabilities to provide them with industry-leading and innovative products.
Our overarching strategy has always been to foresee opportunities and build appropriate platforms for sustainable growth, taking into consideration rapidly shifting macro realities. During the year, the Board of Directors approved the scheme of arrangement that envisages the demerger of Marketing and Distribution Undertaking of the Consumer Products Division and Retail Division to a separate entity, Somany Home Innovation Limited (SHIL), and the demerger of Marketing and Distribution Undertaking of the Building Products Division to a separate entity, Hindware Limited, a subsidiary of SHIL.
During the year, the Company launched an innovative product range of pipes and ï¬ttings under the brand 'TRUFLO by hindware' and initiated trial production from the state-of-the-art plant in Telangana, enabling us to further broaden our offerings for the Building Products Division. The Company also commissioned Phase I of the security caps and closures plan in Telengana, strengthening the Packaging Product Division. We take immense pride in announcing that our pipes plant is first in the industry to be awarded Platinum rating by Indian Green Building Council (IGBC). Our security caps and closure plant has also been rated Platinum by IGBC. We are excited about the better value and opportunities our two new businesses will offer our customers and stakeholders. We also made key investments in growth drivers for the future and achieved yet another year of consistent shareholder returns.
We, at HSIL, are inspired by the strides we have taken as a company in sustainability and stewardship. We are steadfast in our sense of responsibility when it comes to the environment, the communities we operate in and our people. We have a passionate approach in our commitment to our communities. During the year, the Company supported various social issues such as sanitation and hygiene, skill development, healthcare, education and women empowerment, directly and in association with our partner organisations. We further instituted our CSR arm, HSIL Corporate Social Responsibility Foundation, to increase the impact and reach of our programmes. Business success for us goes hand in hand with what we can do to better our communities and the nation.
I foresee our teams performing and translating our core purpose into strategies that will help enrich the quality of life and enhance stakeholder value. We are continuously investing in training and empowerment to nurture the potential of our people so as to imbibe a passionate, go-getter attitude. I would like to thank the entire HSIL family for their hard work and dedication. Going forward, our priorities are to drive revenue growth with profitability, create innovative products and grow our brand reputation and recall.
The future will continue to present both opportunities and challenges. Our strategy will be to focus on the broad operational canvas to elevate performance and accelerate the pace of innovation to sustain our leadership. This predominant business approach will continue to lead our inspiring legacy of sustainable growth despite economic volatilities, shifting consumer aspirations and industry dynamics.
Our commitment is to continue building our businesses with strategic clarity and value-assertive investments in our differentiated capabilities. I am grateful to all our stakeholders for their trust, engagement and support.
Dr. Rajendra Kumar Somany
Chairman and Managing Director