It gives me great pleasure to share an update on the overall performance of yourCompany for the financial year 2015 -16. While commodity prices and inflation continued tocome down the second consecutive monsoon failure and resulting drought meant a distressedrural demand scenario in several parts of the country. Competition continued to beaggressive. In such a challenging external environment your Company remained focused onmargin improvement cost control better working capital management and emphasis onsecondary sale to perform well and deliver profitable and responsible growth. This showsthat your Company is now back on track to achieve its exciting goals of becoming adominant player from a leadership position in the small appliances sector.
The Company wants to become more nimble and future ready and continue to delight itsconsumers by enhancing the quality of life and bringing happiness with sustainableinnovative and superior quality products at affordable prices. With this objective theCompany has invested heavily in a Research & Development Centre which will soon beoperational. The Company has also been strengthening its leadership positions andinvesting in making its sales & marketing supply chain and employee policies morerobust intensifying its efforts to expand distribution reach and tapping opportunities inemergent channels like e-commerce. The Company has set up a strategic sourcing team toleverage scale and reduce its procurement costs and also introduced an advanced technologysolution to improve its planning and execution capabilities. These initiatives willdefinitely help the Company in creating great value for its stakeholders.
Discrimination against girls in India has been going on since ages now. Even todaythere are several sections of the Indian society where the girl child is treated as aburden. While several privileges are given to the boys girls are often restricted to theconfines of the house and given very little or no opportunities to learn and grow in life.Jamnalal Bajaj the founding father of the Bajaj Group was an advocate of equal rightsfor the girl child and was actively supported by his wife Jankidevi Bajaj. They workedtirelessly for the education of the girl child and the emancipation of women in India. Allchildren need love nurturing and protection but the girl child needs it just a littlebit more. She fights malnourishment lack of education sanitation forced labourtrafficking child marriage and so much more.
We at Bajaj Electricals have taken a small step in this direction by celebrating 2016as the year of the Girl Child. This is our homage to the direction set out by our foundingfathers.
The Company has always actively championed social responsibility. The Company'saspirational CSR activities to train rural and urban youth in skill development to enhancetheir employability and entrepreneurial abilities with usual continuous anti-tobacco andtree plantation drives have gained momentum. The Company will continue to be aresponsible corporate citizen wherever it operates and is committed to deliveringlong-term value creation for all its stakeholders.
Finally I would like to take this opportunity to thank each and every one of ouremployees whose commitment and hard work helped deliver a successful year. I would alsolike to thank all our customers suppliers vendors and lenders for their unstintedsupport to the Company during the year. My deep appreciation to each one of you and yourfamilies. We look forward to your continued partnership and co-operation.
Chairman & Managing Director