Foseco India Limited has submitted with the Exchange a copy of Statement delivered by the Chairperson at the 68th Annual General Meeting held on May 21, 2025
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Awaiting price reaction for this filing.
Foseco India held its 68th AGM on May 21, 2025 via video conferencing, with promoter Foseco Overseas Limited (holding 74.98% of equity) represented by authorised signatories. The Chairperson highlighted strong 2024 performance, with profit before exceptional items and tax growing 18% year-on-year, supported by market demand, market share gains, pricing actions, and volume growth. Q1 2025 results also showed continued strong performance. The Company emphasised sustainability progress (CO2 emissions over 60% below 2019 baseline) and a focus on innovation, cost efficiency, and volume-driven growth for continued profitable expansion. Routine board matters were tabled: Patrick Georges Felix André (Vesuvius plc CEO) joined the board replacing Karena Cancilleri, Mark Russell Collis sought re-appointment, a new secretarial auditor was proposed, cost auditor remuneration of ₹4.5 lakh was placed for ratification, and payment of commission to independent directors (up to 1% of net profits) was extended for another five years through December 2029.
No material new announcement — the filing is a procedural AGM speech that reinforces an already-positive earnings narrative. Routine governance items (director change, auditor change, commission continuity) are shareholder-neutral and unlikely to move the stock.