How do you reflect on 2024 from a macroeconomic and AM International group perspective, particularly in relation to the fertilizer and petrochemical sectors?

AM : The global economy has been experiencing persistent contractions across regions and markets. In contrast, the Indian economy remains growth-oriented, standing out as one of the most promising emerging markets, poised to outperform several other economies. However, it faced significant challenges this year, particularly towards the year end, due to a sharper-than-expected slowdown. This was primarily driven by cyclical factors, along with weakened consumption, investment, and export activity.

These economic pressures had an impact on our businesses as well. Our fertiliser division maintained steady performance, operating within the framework of Indian government policies. In contrast, the petrochemicals segment, which is more exposed to market dynamics, faced trade disruptions, geopolitical tensions, and an influx of lower-priced imports that exerted severe pressure on margins. Despite these hurdles, our strategic initiatives and focus on operational efficiencies served as a crucial buffer.

Our fertiliser companies’ investments in backward integration and the transition to natural gas as a raw material proved to be positive steps forward. In the petrochemicals vertical, our focus on cost management and efficient raw material procurement, helped mitigate the impact.

While in 2024 we faced margin challenges across businesses, our resilience is more than a response to change. Our focus on fiscal prudence, coupled with maintaining significantly low external debt, enables us to pursue disciplined and sustainable growth.

What key global events or trends do you anticipate shaping the business landscape in 2025?

AM : India is poised to remain one of the world’s fastest-growing economies. In parallel, the US market is expected to experience a notable upside. European economies may witness stagnation, and China is likely to continue to grapple with regulatory pressures and tariff issues from Western nations.

Our businesses at AM International will benefit from India’s growth story and mostly remain insulated from global uncertainties as we primarily cater to domestic markets and have limited reliance on exports. I foresee steady operations and growth in the coming times. However, we’ll continue to monitor and mitigate the pressure from the import influx of raw materials, especially in the petrochemicals segment.

Our efforts, combined with our brownfield capacity expansion and strategic shift in petrochemicals towards specialty chemicals, will enable us to develop a more sustainable and high-margin product portfolio.

AM International has welcomed a younger generation of leaders. What key areas do you envision them focusing on in FY25?

AM : At AM International, I envision a generational change over the next decade, where the organisation will be led by a new, younger generation of leaders. It’s crucial for these young leaders to strike a balance between independent decision-making and collaboration with professionals in their respective businesses. Allowing them to learn and grow through their own experiences is a process that naturally takes time. While I will continue to guide the company for the foreseeable future, I believe in freedom to operate with autonomy within their responsibilities.

The young leaders need to be deeply aligned with our core values and are dedicated to upholding them while being mindful of the broader challenges and opportunities that lie ahead.

What are your organisation’s key priorities for 2025, and what are the top three messages you would like to share with your leadership and employees?

AM : For 2025, our focus is centred on three key areas.

• Sustainable Growth: We aim to drive growth through higher volumes and strategic geographic expansion, focusing primarily on India while also exploring international opportunities. Our strategy will prioritise scaling capacities and commissioning projects in the fertiliser and petrochemical sectors. Strategic mergers and acquisitions will support our efforts, while our primary focus will be on organic growth.
• ESG driven Innovation: We will develop new, high-margin future-ready products leveraging our existing assets while driving cost efficiencies in our operations continuously. Expanding and modernising our capacities will be pivotal in advancing environmentally friendly operations and supporting our ESG initiatives.
• Fresh Talent: In today’s dynamic world, talent defines an organisation’s future competitiveness. We will continue to recruit talent across levels—key managerial, senior managerial, and entry-level positions—as part of our ongoing efforts to strengthen the organisation.

Our commitment to sustainability and making a positive community impact will remain central to everything we do. Our operating companies will continue to create value for stakeholders by leveraging these core priorities.

AM Foundation is doing some impactful work at the community level. What is your vision and strategy for its future growth and initiatives?

AM : AM Foundation focuses on primary healthcare, sanitation and wellness & well-being as critical areas for community development. We will continue prioritizing this, ensuring essential healthcare reaches those in need, especially around our manufacturing plants. To amplify our impact, we aim to enhance internal systems, streamline operations, and adhere to regulations and standards.

This will strengthen our commitment to primary healthcare and drive positive change in the communities we serve.