Syrma - ‘Building For Tomorrow’ Action Plan Based On Innovation, Reliability, Agility: Dolat Capital

Dolat Capital Report

In its FY24 annual report, Syrma SGS Technology Ltd. has outlined its ‘Building for Tomorrow’ action plan based on innovation, reliability, and agility. The company demonstrated an impressive revenue compound annual growth rate of 53% over last three years.

Exports (26% of turnover) also grew by 29% YoY in FY24, exhibiting three year CAGR of 19%. However, margins deteriorated to 6.3% in FY24 due to heavy exposure to low margin consumer/auto business.

Further, the company achieved several breakthroughs in the U.S. and Europe markets by securing contracts in industries like utility metering, EMobility and Power supplies with some of the leading industry players.

Despite the challenging global environment, management is confident of pick up in exports in FY25, led by recently added customers (25-30% growth to ~Rs 10 billion).

During the year, Syrma nearly doubled its surface mount technology placement capacity in order to fulfil the growing production demand from both domestic and export customers.

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