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I am delighted to share your Company’s performance and our work towards a stronger, faster & brighter ‘Urja’ at the 26th Annual General Meeting of the Company.
Our Mission and Vision
Our Vision & Mission is the guiding light for the team at Urja. Our aim is to accelerate the adoption of solar technology across the globe to conserve our Environment and provide an environmentally friendly, Sustainable and conflict free power supply. Urja brand continues to emerge stronger through constant innovation, product launches, marketing and creating relationship with consumers on an ongoing basis. We managed to provide our Customers high value products and solutions through building our strong foundation in manufacturing and our commitment to Innovation, efficiency, quality and viability of our products, thereby resulting in profitability.
Our turnover increased from Rs. 118.15 Crores in FY17 to Rs. 127.97 Crores in FY18, registering a growth of 8.3%. The PAT is recorded at Rs. 1.1 4 Crores in FY18 compared to Rs. 1.03 Crores in FY17 and registered a growth of 10.67%. On a consolidated basis, the group achieved revenue of Rs. 134.96 Crores against Rs. 129.48 Crores during the previous year, a growth of 4.23%. However, the group registered a loss of Rs. 86.60 Lacs against previous year profit of Rs. 1.03 Crores.
You are aware that our country has emerged as one of the fastest growing major economy of the world. Major sectors of the economy have resurged in response to positive and industry friendly reforms being placed on board by the Central government.
The Indian renewable energy sector is the second most attractive renewable energy market in the world as per the Renewable Energy Attractiveness Index 2017. India’s installed renewable power generation capacity (including hydropower) increased from 42.4 gigawatts (GW) in FY17 to 114.3 GW in FY18, which is 33.23 per cent of the total installed capacity. Power generation from renewable energy sources in India reached 93.21 billion units in FY18.
The Government of India is committed to increased use of clean energy sources and is already undertaking various large-scale sustainable power projects and promoting green energy heavily. In addition, renewable energy has the potential to create many employment opportunities at all levels, especially in rural areas. The Ministry of New and Renewable Energy (MNRE) has set an ambitious target to set up renewable energy capacities to the tune of 175 GW by 2022 of which about 100 GW is planned for solar, 60 for wind and other for hydro, bio among other. India will need investments of around US$ 125 billion to reach this target.
Your Company has executed various projects and initiatives during the year. Urja has signed Memorandum of Understanding with Micromax Energy Limited on 09th November, 2017 for manufacturing and supplying the batteries on OEM basis.
During the year, your Company accorded your consent to create, issue, offer and allot up to 2,65,44,000 Compulsory Convertible Preference Shares (CCPS) of face value of Rs. 1 /- (Rupees One) each in one or more tranche(s) at a premium of Rs. 99 (Ninety -Nine only) for an aggregate consideration of 35 Million Euro equivalent upto Rs 265,44,00,000 (Two Hundred Sixty Five-Crores Forty-Four Lakh) (approx.) to MK STAR Development SDN BHD.
I thank the entire URJA team for their dedication, hard work, and commitment which has kept Urja on the trajectory of success. I would like to place on record my sincere appreciation towards the Board of Directors for their guidance and my gratitude towards all our stakeholders for their continuing faith in Urja.
At Urja, we believe that Action with Vision; Green
Vision can change the world.
Best Regards Bharat Pranjivandas Merchant