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Walchandnagar Industries Ltd.

BSE: 507410 Sector: Engineering
NSE: WALCHANNAG ISIN Code: INE711A01022
BSE LIVE 15:40 | 18 Dec 222.45 -1.90
(-0.85%)
OPEN

222.00

HIGH

226.85

LOW

208.65

NSE 15:29 | 18 Dec 222.95 -1.15
(-0.51%)
OPEN

223.95

HIGH

226.95

LOW

206.00

OPEN 222.00
PREVIOUS CLOSE 224.35
VOLUME 114491
52-Week high 272.90
52-Week low 132.80
P/E
Mkt Cap.(Rs cr) 846
Buy Price 223.00
Buy Qty 50.00
Sell Price 0.00
Sell Qty 0.00
OPEN 222.00
CLOSE 224.35
VOLUME 114491
52-Week high 272.90
52-Week low 132.80
P/E
Mkt Cap.(Rs cr) 846
Buy Price 223.00
Buy Qty 50.00
Sell Price 0.00
Sell Qty 0.00

Walchandnagar Industries Ltd. (WALCHANNAG) - Chairman Speech

Company chairman speech

Dear Members

It is my pleasure to welcome you all to the 108th Annual General Meeting and presentthe Annual Report of your company. The year under consideration covers the period April 16to Mar 17.

The year gone by has no doubt been a challenging one in terms of overall business butas an organization we have moved towards our stated objective of increased share ofbusiness coming out of strategic sectors like Defence Nuclear and Aerospace (DNA). Whilethe actual effects of various government policies announced over the last 3 years (Make inIndia Defence Production Indigenization Thrust on building indigenous Nuclear PowerPlants Higher FDI in Defence Reforms in Defence Procurement Procedures etc) may not befully visible we firmly believe that these are steps in the right direction and WIL wouldsurely benefit from the same going ahead.

Your Company has ended the Financial Year 16-17 with revenues of INR 401.28 Crore andnotwithstanding the net loss the much improved performance of our DNA business especiallyover the last 3 quarters gives us confidence about the company's potential in suchimportant business areas. Another encouraging sign is that the share of these strategicbusinesses in the order book as on 31st March 17 is now over 50%. Also with a healthierpipeline of orders likely to fructify as FY 17-18 goes by we expect a significantimprovement on the performance front.

Another focus area is to significantly ramp up the product business i.e. Gear Boxes andCentrifugal Machines. Results towards this strategic objective are clearly visible. At thebeginning of FY 17-18 the Centrifugal Machines orders stand at an all-time high. We havealready put in place a mechanism to improve our exports penetration in this area. We havealso been awarded a prestigious order by Goa Shipyard to manufacture gearboxes for theoffshore patrol vessels of the Coast Guard. This order was won by us in the face of verystiff international competition. We are confident that like many of our other achievementsthis would also stand out as a sterling example of "Make in India".

As far as our traditional businesses of Sugar Plant Equipment Co-generation boilersand Cement Plant Equipment are concerned we plan to take a selective approach keeping inmind the profitability of such projects as well as the customer profile.

The Company has seriously rationalized in various cost areas without in any waycompromising on quality and delivery. We are quite confident that going ahead this wouldenhance our overall performance.

Conducive business environment coupled with emphasis on DNA business and organizationalalignment gives your company the confidence to deliver much improved results in the yearsgoing ahead.

I take this opportunity to place on record my sincere thanks for your continued supportand expect similar confidence from the shareholding fraternity in the years to come.

Thank You

Chakor L. Doshi

Chairman