It gives me great pleasure to report that the Company has performed well in FY 2016-17despite economic challenges and with minimal support from the manufacturing segment.
We persued with "customer focus" & "move fast break barriers"mantra for growth. Innovation culture is now imbibed at AWL at all the levels across theCompany which enables us to offer customised solutions which ultimately results into"higher customer satisfaction index". During the year 2016-17 we launched newproducts in welding and cutting segment to meet the latest technical requirements of thecustomers.
FY 2016-17 Performance
During FY 2016-17 our revenue grew by 8.3% with EBITDA and PAT margins of 9.2% and4.2% respectively. We delivered higher volumes in consumables that further strengthenedour industrial leadership. Automation business and PEB performed exceptionally well owingprimarily due to the launch of new products and successful commissioning of projectsduring the year.
During the year for the first time we ventured into a project outside India inKuwait related to Oil & Gas industry which will be completed by September 2017.
Research & Development
Our DSIR approved R&D Centre works closely in line with our customers expectationsand delivers desired solutions. This makes us invulnerable to competition and aids inimproving our customer relations. Our R&D setup is geared up for NABL accreditationwhich we expect to achieve soon. This will benefit self-certification in product testingarea and will enable us to reach new products to the market faster. During the year wedeveloped products with greater performance
/ productivity in Defence Oil & Gas and Wind Power industries. These initiativeshave enhanced our market share in varied segments.
We aim to become "best-in-class" enterprise known for continuous innovationin products & solutions with significant growth by FY 2019-20 notwithstanding theeconomic or market scenario. We will focus on sustaining the initiatives taken over thepast few years in addition to the following:
Capitalise our customer relations technical and manufacturing capabilities
Build Synergies with our current capabilities and resources in order to offer newproducts across domestic and export markets
Create value through forward as well as backward integration
Imbibe innovation culture & implement advance lean manufacturing process tomaximize efficiency and zero wastage
Level workload across processes through line balancing in order to overcome bottlenecksand excess capacity
Enhance focus on Project Engineering Business and strengthen the customer baseStrengthen IT for implementing digitisation across processes and systems
Level workload across all processes through line balancing so as to identifybottlenecks and excess capacity Enhance focus on Project Engineering Business andstrengthen the customer base
Strengthen IT for implementing digitisation across our processes and systems
Ador Welding Academy
Ador Welding Academy is known for its skill development service to the Nation throughWelding Industry over the last few years. This year we have taken the mission of SkillDevelopment of Below Poverty Line (BPL) / Under
Privileged youth in welding and make them employable. The academy is envisioned to bean independent talent hub under the guidance of seasoned Adorians. We further have avision to make the Academy financially independent and a sustainable model for service.
High levels of corporate governance and ethical standards have been maintained acrossour operations. We have ensured a safe working environment for all our employees and haveimbibed Safety as a culture through regular trainings and interventions. Our endeavourstowards corporate social responsibilities (CSRs) continue in the fields of educationskill development water conservation and betterment of society around our factorypremises. I express my sincere gratitude towards our valued customers & vendors fortheir constant trust in us our Board of Directors and the Management Team for theircontinued guidance. I also wish to thank and congratulate all our talented Adorians forcontributing immensely to the organisational progress and achieving milestones year afteryear in converting the Company's vision into reality. We look forward to your continuedsupport and expect your vital involvement in the Company's journey towards achieving itsgoals.
Satish M. Bhat