Dear Colleagues,
As we wrap the first month of the New Year, I am filled with optimism for new opportunities and continued successes!
The year 2022 has been full of challenges and uncertainty. I remember this time last year when we were evaluating the threats posed by the Omicron variant, immediately after that world entered into Ukraine war posing huge challenges on energy cost and availability of resources.
Challenges were faced on the energy and raw materials front too. Geo-political tensions arising due to the Russia - Ukraine situation led to higher energy prices around the globe. Off late, the recession in Europe is also impacting the demand for our Chemical Intermediates and Speciality Chemicals products.
This geo-political challenge also led us with reduction in demand specially with our customers in EU region. In our Nutrition & Health Solutions segment, lower consumption and de-stocking in Nutrition & Health Ingredients business led to a volume drop and subsequent price decline.
We have seen significant successes this year on our planned Capexes. We successfully commissioned our Diketene and Green Acetic Acid plants in addition to expanding several capacity expansion of existing products in Specialty Chemicals business. We also signed some key contracts with the Global Innovators in our CDMO business. In near future, we are about to commission our GMP & Non-GMP MPP plants dedicated to our Speciality Chemicals business at our manufacturing sites. Moreover, we are about to venture into a new segment of Agro-Technical this year.
In our Chemical Intermediate business, we have further strengthen our positioning of Acetic Anhydride globally. Business has achieved preferred supplier position with almost all major global customers and we are progressing well with our another new plants of Acetic Anhydride which will take us to globally leading position in merchant market of Acetic Anhydride.
We maintained our leadership positions in our business segments, reported higher capacity utilisations and undertook several productivity enhancement initiatives. Our deeply integrated business model helped us continue operations seamlessly during the challenging phases.
Sustainability has been and remains at the core of our business. During the year we took several important initiatives and started our Journey towards Net-Zero in order to be an industry front-runner in India. Moreover, in continuation of our Digital Strategy initiated in 2018, we will be ushering in an era of ‘Digital Transformation’ of our Company. This transformation will make digital a key strategic factor from an enabler.
The New Year 2023 will have a crucial impact on our goals and overall business.
We cannot endeavour to achieve our goals without the support and hard work of our team. Thank you to each one of you for your dedication and commitment towards the vision of Jubilant Ingrevia Limited.
Here’s wishing you and your families a very happy, prosperous, safe and successful New Year 2023!
Regards
Rajesh Srivastava
Chief Executive Officer & Managing Director