The Indian Tyre Industry went through a very turbulent year with economic volatilityfurther compounded by initiatives like demonetization and changeover from BS III to BS IVnorms.
India continues to be one of the favourable economies in the world in terms of growthand investment opportunities. A near normal monsoon in 2016/17 especially in the Northand West has resulted in a healthy upswing in the agrarian economy which should augurwell in the coming year. The year 2017 will see new taxation and commercial reforms whichwill add to the growth of the economy.
MRF's total income for the financial year ended 31.03.2017 is Rs. 15078.01 crores. Wehave been market leaders for an unprecedented 30 years. However competition has becomestronger with tyre companies increasing their manufacturing capacities. Your company willcontinue to strive to be the customers preferred brand in the market by constantlyimproving product superiority widening distribution network and ensuring brand dominanceacross all segments.
MRF continues to earn accolades. Your company has been recognized as the 3rdfastest growing company during the period 2011-2016 by Business World Magazine publishedin April 2017 among companies with a turnover of more than Rs. 10000 crores. The MRFbrand has also figured for the second time in the prestigious list of Indias mostvaluable brands - BRANDZ TOP 50.
Looking ahead our initiatives in the new plants coupled with enhancement of ourexisting production capabilities will be helpful in not only safeguarding our leadershipposition but also in increasing our global footprint. We at MRF have a deepunderstanding of the country its people its roads its culture and its market - and thisis the critical differentiator which gives us the advantage over our competitors. Coupledwith innovative business solutions and multiple modernization initiatives MRF will beready for whatever the future may hold.
Chairman & Managing Director