We are very excited to participate in Excon 2023, the largest construction equipment exhibition in South Asia. We are preparing to showcase our latest products and innovations that cater to the diverse needs of the construction and infrastructure sectors. We will display a range of new products at the OD 31, in a 4,926 sq m space, including new EV specific products and technologically charged concrete pumps, transit mixers, batching plants, self-loading mixers, shotcrete machines, and so on. We will also launch product specific marketing campaigns to promote our brand and products to the potential customers and stakeholders.

We are committed to addressing sustainability and environmental concerns through our product offerings. We are constantly innovating and developing new products that are energy-efficient, eco-friendly, and durable. For example, we will introduce some new EV specific products, which will reduce the carbon footprint and fuel consumption of our machines. We will also showcase some of our products that use recycled materials, such as the Schwing concrete recycling plant, which recycles the waste concrete and water from the concrete pumps and transit mixers.

We look at the market in India for our products with optimism and confidence. India is one of the fastest-growing and largest markets for construction equipment in the world. The demand for our products is driven by the rapid infrastructure development across roads, railways, ports, and other areas. India is also a burgeoning manufacturing hub, which offers us opportunities to expand our production capacity and supply chain network. We have invested heavily in the Indian market in terms of the manufacturing facilities, R&D centre, service network, and dealer network. We have also established a strong customer base and brand reputation in the Indian market.

The various challenges faced in the sector we are in are mainly related to the market volatility, regulatory compliance, and technological advancement. The market volatility is caused by the fluctuations in the demand and supply of construction equipment, which are influenced by the economic cycles, political scenarios, and natural disasters. The regulatory compliance is related to the norms and standards set by the government and other authorities, such as the emission norms, safety norms, and quality norms, which require us to update and upgrade our products and processes accordingly. The technological advancement is related to the emergence of new technologies and innovations, such as Artificial Intelligence, Internet of Things, and blockchain, which require us to adapt and adopt them to enhance our products and services.

We have made significant investments in the Indian market in terms of the manufacturing facility, etc. We have set up five state-of-the-art manufacturing plants in India, four of them are located in Sriperumbudur (Tamil Nadu), and our recently launched industry 4.0 loaded Global manufacturing Hub is located in Kancheepuram (Tamil Nadu). We have also established a comprehensive R&D centre in Chennai, which is equipped with the latest tools and technologies to design and develop new products and solutions. We have also expanded our service network and dealer network across the country, which provide prompt and reliable after-sales support to our customers.

In terms of performance, the year 2023 was a very successful and rewarding year for the company. We also increased our market share and revenue in the Indian market, as well as in the export markets. We also received several awards and recognitions, such as the Best Construction Equipment Manufacturer Award, the Best Innovation Award for product design. We also celebrated our 25th anniversary in India, which was a milestone for the company.