Dear Valued Shareholders,

Ladies and gentlemen, esteemed shareholders, board members, and honored guests,

It is with great gratitude and pride that I address you at the 32^nd  Annual General Meeting of M-Tech Innovations Limited for the Financial Year 2023-24. Your presence here today reflects your commitment and support, and I thank you for joining us for this important moment of reflection and progress.

I am pleased to share the significant achievements and milestones we have reached as a company over the past year. Despite facing numerous challenges in 2023-2024, our resilience, innovation, and the dedication of our employees have allowed us to sustain our turnover.

Our relentless focus on innovation has allowed us to continually develop new products and solutions, expanding our range of offerings. However, our company is now focusing on the development of biometric cards and dynamic CVV cards to offer highly secure products. Additionally, the Autumn division is developing in-mould technology.

During the review period, the Company’s chip shortage was resolved, which has led to an increase in smart card sales. We are pleased to report that M-Tech recorded revenue of ₹10,69,46,5030. Furthermore, our net profit before tax for the relevant period is ₹ 49,540,350.

We deeply appreciate the steadfast support of all our stakeholders—shareholders, partners, bankers, lenders, vendors, creditors, and customers. Your confidence in us fuels our drive to surpass expectations every day. I also want to express heartfelt gratitude to our dedicated employees, whose relentless effort and commitment have played a crucial role in establishing us as a leader in the industry.

I would also like to extend my sincere thanks to the Board members for their invaluable support, guidance, and oversight. Through our collective efforts, we have cultivated a culture of strong governance throughout the organization and effectively fulfilled our responsibilities as a Board.

Furthermore, I want to acknowledge the remarkable support and collaboration from Canbank Venture Capital Fund Ltd (CVCFL). Their dedication and partnership have been crucial to our success, and we sincerely appreciate their contributions. We also want to inform you that CVCFL has exited its investment as the shares have been acquired by the promoters of the company.

With the unwavering support and trust of all our stakeholders, I am dedicated to shaping a future-ready organization. Our focus will be on purposeful growth, delivering innovative products and services, and embracing technological advancements, including digitalization and automation, across all areas of our business.

In closing, I take great pride in our achievements and look forward to the future with optimism. As we advance, we will remain committed to pursuing excellence, enhancing customer satisfaction, fostering sustainable growth, and delivering value to our shareholders. Let us move forward together on this path to a prosperous future.

Thanking You.
Warms Regards,
Vijay M. Gandhi
Chairman & Managing Director