Hitech Corporation Limited — Others, 02-07-2025: Shareholders meeting

Hitech Corporation Limited reported a 2.2% decline in standalone revenue to ₹549.43 Cr and a 14.6% drop in EBITDA to ₹63.18 Cr, driven by lower sales prices due to increased recycled material usage, lightweight products, and muted demand in key sectors. Net profit fell 63.7% to ₹7.98 Cr. The company commissioned a bulk packaging facility in Dahej catering to chemical industry demand and successfully acquired Thriarr Polymers, expanding into thermoset molded components. Hitech Global Inc was established in the US to boost global marketing and technical capabilities. The Sarigam unit was closed for operational efficiency, with operations transferred to Naroli. The Board has recommended a dividend of ₹1 per share. Sustainability efforts focus on expanded recycled polyolefin use and renewable energy adoption across plants. The Board approved appointment of M/s Nilesh Shah & Associates as Secretarial Auditors for five years. Related party transactions with Asian Paints Ltd., including sale of packaging materials up to ₹1000 Cr, are ongoing on arm’s length terms and subject to shareholder approval. Remuneration up to ₹40 lakhs p.a. for Mr. Chirag Gosalia, relative of a promoter director, was approved. The Board comprises 10 directors with a majority of independents and follows strong governance practices. The company continues investments in technology and process improvements to enhance productivity and sustainability.