Chairman’s Statement at 135th AGM – 30th September, 2025
Dear Shareholders,
It gives me immense pleasure to extend a warm welcome to all of you at the 135th AGM of DCM Limited.
I thank you for your presence through Video Conferencing and for your continued support.
I would like to brief you on the economic scenario and your Company’s Business performance during the year 2024-25.
ECONOMIC SCENARIO
India’s economic performance in fiscal year 2024-25 demonstrated remarkable resilience and sustained growth, solidifying its position as one of the world’s fastest growing major economies. The provisional estimate for real Gross Domestic Product (GDP) growth for FY24-25 stood at a robust 6.5%, with a notable acceleration to 7.4% in the fourth quarter of the fiscal year, surpassing initial expectations. (Source: Ministry of Statistics and Programme Implementation, Government of India)
Monetary and fiscal policies played a pivotal role in navigating global uncertainties and fostering domestic stability. The Reserve Bank of India (RBI) implemented significant adjustments, including a cumulative 100 basis points (bps) reduction in the repo rate since February 2025. These adjustments signal a calibrated approach, providing necessary stimulus while indicating a potential pause in the rate cut cycle. On the fiscal front, consolidation efforts continued, with the central government’s Gross Fiscal Deficit (GFD) reducing to 4.7% of GDP in 2024-25 from 5.5% in the preceding year. (Source: RBI and the Government of India’s Ministry of Finance/Controller General of Accounts (CGA))
The economic path for FY25-26 appears promising, with India projected to sustain a real GDP growth rate of 6.5%. The Consumer Price Index inflation is targeted around 4.0% for the upcoming fiscal year. Despite this positive outlook, significant challenges persist, including ongoing global uncertainties, geopolitical tensions, and the rise of
trade protectionism. (Source: RBI and CGA)
COMPANY’S BUSINESS PERFORMANCE
Let me now take you through the performance of your Company during financial year 2024-25:
Our businesses are broadly classified under three segments- ‘Real Estate, ‘IT-Infrastructure’ and ‘Engineering’.
Real Estate
The Company has entered into a ‘Joint Development Agreement’ with a party for development of its land parcel admeasuring about 68.35 acres situated near Mela Ground, Hisar, Haryana under Deen Dayal Jan Awas Yojna, 2016.
A license no.179 dated November 07, 2022, was received from the Director, Town and Country Planning, Chandigarh, Harya for setting up of affordable residential plotted colony under Deen Dayal Jan Awas Yojna.
Haryana Real Estate Regulatory Authority (HRERA), Panchkula has also registered the Company’s said Real Estate Project vide their letter dated March 15, 2023 under which the Company is designated as sole Promoter of the Project in its capacity as license holder and owner of the Project land.
However, the said license issued by Haryana Government for development of Company’s said Hisar land was suspended on April 18, 2023, noting that an enquiry has been initiated against the Company’s land at Hisar.
The matter for revocation of suspension order of license no.179 of 2022 for the development of the Company’s land at Hisar remained pending as of the date with the concerned authorities. The development work at the site will start soon after the said revocation of the suspension order.
IT Infrastructure
The Company is engaged in the business of providing IT Infrastructure services specializing in networking, analytics, cloud and digital technologies through its material wholly owned subsidiary namely DCM Infotech Limited (hereafter referred to as ‘Material unlisted Subsidiary Company’/’DCM Infotech’).
During the year under review, the sales and other income of DCM Infotech was Rs. 70.43 Crores (previous year Rs. 68.89 Crores) and Profit before Tax (PBT) was Rs. 10.61 Crores (previous year Rs. 9.56 Crores).
Over the last 12 months, DCM Infotech has aggressively pursued building capabilities in Gen AI, Automation, and Cyber Security. This initiative helps DCM Infotech to build a prospect base for the coming years with relevant solutions in these areas. DCM Infotech is also increasing partnerships and investing in Agent AI offerings.
Despite the value-conscious nature of the Indian market, which often results in low price points even in new technology areas like automation, DCM Infotech has 4 continued to build capabilities to deliver competitively priced solutions. The low entry barriers in the Indian IT sector means DCM Infotech faces significant pricing pressure, but this also drives DCM Infotech to innovate and enhance service offerings. DCM Infotech believes that India would be the skilling ground to pick up business in the US.
DCM Infotech sees tremendous growth potential in the AI IT Ops, Generative AI, Agentic AI, and Automation markets across both the US and India. To seize this opportunity, DCM Infotech is strategically expanding solution offerings and strengthening OEM partnerships, positioning itself for accelerated success in the coming financial year.
DCM Infotech sees immense opportunities to expand its services and product sales in both the US and India and is continuously investing in its sales and marketing activities.
Engineering
The Engineering Business Undertaking of the Company, situated at Village Asron, District Shaheed Bhagat Singh Nagar (Punjab) of the Company was manufacturing and supplying castings across all segments in the automotive market: cars, multiutility vehicles, tractors, light commercial vehicles, heavy commercial vehicles and earth moving equipment
The Engineering Division of the Company had faced a hostile environment since 2016, in which production of good quality products in a cost-effective way could not be achieved due to the continued situation of labour unrest. In view of said situation of industrial unrest at Engineering Division, the Company was forced to declare temporary lockout of its Engineering Division w.e.f. October 22, 2019, which continues as on date.
The Company is evaluating and pursuing various options concerning its Engineering business/ operations. As and when anything is finalized, it shall seek requisite approvals from the stakeholders. In the interim, the Company is continuing with its factory upkeep endeavors and to rationalize the workmen force.
ACKNOWLEDGEMENT
On behalf of your Company’s Board, I want to thank all the stakeholders, business associates, employees, banks and the Central and State Governments, who have extended their support to the Company. The Company believes that by focusing / managing of its real estate operations and/or Company’s plan of restructuring of its Engineering business undertaking as well as other interim measure, the Company will be able to continue and sustain the current business operations and will move forward towards its growth path.
Thank you.
Speech by Mr. Jitendra Tuli, Chairman, at the 135th Annual General Meeting of DCM Limited held on Tuesday, the 30th day of September, 2025 through Video Conferencing (VC).