as on December 31, 2005*
as on December 31, 2022*
Dear Fellow Stakeholders,
I hope this letter finds you well. As Schaeffler India completes over six decades of operations in India, I am immensely proud of what your Company has achieved over these years. I am writing this letter to you with mixed emotions as I step down from the Chairmanship of your Company after serving it for two glorious decades.
I have had the privilege of witnessing Schaeffler India's remarkable transformation as a leading global supplier to the automotive and industrial sectors today. Over the years, we continually pushed the envelope by our ground-breaking inventions and developments in the fields of motion and mobility. Our commitment to responsible and sustainable growth enabled us to foster strong relationships with all our stakeholders and empowered us to create a brighter future together. Reflecting on the past five years, I am filled with immense pride as our revenue has grown at a compound annual growth rate (CAGR) of 25% and profits at 26%.
In 2022, we emerged from the shadow of the pandemic, but newer macroeconomic challenges arose. We remained resolute and determined, delivering robust performance, yet again, in a challenging environment.
I am delighted to introduce Ms. Eranti Sumithasri as the new Chairperson of our Board. Her impressive 25 years of experience and leadership will be a huge asset to Schaeffler India. We are excited to witness the new opportunities and possibilities that will continue to shape the future under her able guidance.
With immense gratitude and joy, I want to thank every one of you for your unwavering support, guidance, and partnership over the years. Our time together has been filled with so many precious memories, and I am deeply touched by your trust and confidence in me. It has been an honour and privilege to serve as your Chairperson. I am confident that Schaeffler India will continue its growth trajectory in the years to come and I am excited to watch this for journey unfold.
Sincerely,
Avinash Gandhi
Ex-Chairperson
Dear Stakeholders,
Our 2022 performance reaffirms our business strategy of localisation, digitalisation, and introducing sustainable solutions. Our Company’s resilient performance amidst uncertainty in the business environment is a testimony to our agility and preparedness to tackle unprecedented circumstances.
India is poised to remain the fastestgrowing major economy, with the Economic Survey estimating a 6.8% growth in its gross domestic product for FY23. This, combined with a predicted GDP growth of over 6% in the following two years, suggests it's well prepared to take on a new phase of expansion despite a global economic downturn.
Reflecting on 2022, the Indian automotive and auto-components industry is at an inflection point. The country’s automotive market emerged as the number one globally in terms of volume, selling 3.8 million vehicles in 2022. It is poised for a major transformation from global supply chain diversification, government initiatives, and a rising middle class. Moreover, green growth-from green credits to green energy to green mobility to green farming – was among the seven main priorities in this year’s Union Budget.
Schaeffler India is excited about seizing these opportunities to create value for our stakeholders. We made considerable progress in our Automotive Technologies division, especially in our e-mobility business. Our Automotive Aftermarket business has grown exponentially and has 125-city presence across the country. On the Industrial side of things, we are thrilled to work with our customers to design future-ready solutions, helping them move towards to a sustainable tomorrow.
At Schaeffler India, sustainability is paramount and aligned to our Group’s commitment to broad-based ESG targets, including climate neutrality by 2040. During the year, we took a giant leap forward to create a brighter tomorrow. In addition to reducing emissions and focusing on renewable energy, we made impressive progress in creating shared value. We consolidated our efforts under the larger umbrella of HOPE: truly embracing the spirit of ESG and bringing hope and optimism for a more holistic future.
We are ecstatic to announce that our Jal Sahara initiative – a self-sufficient watershed management model in a severe drought-prone village, won us the renowned CSR Impact Award in 2022 for the rural development and infrastructure project.
The progress we made during 2022 was possible because of our team, and I take this opportunity to express my gratitude to them for their resilience and dedication.
We are confident that our strategy will help us create a sustainable future. To remain competitive, it is important that we constantly review our progress, revisit our focus areas, and remain aware of the changing environment and the new opportunities that emerge.
On behalf of the Board and everyone at Schaeffler India, I thank you for your ongoing support and collaboration as we work together to shape a brighter future with optimism and enthusiasm.
Sincerely,
Eranti Sumithasri
Chairperson
