In pursuit of enduring value
I hope that you and your family members are safe and following all precautions andsafety guidelines in these days of crisis.
We have been a witness to an extremely challenging and difficult FY21. The COVID-19pandemic raged across the world and the ensuing challenges had to be faced by individualscommunities organisations and countries.
In India the fiscal began with a lockdown resulting in a never before situation forall of us. The main fallout of the lockdown (and the first quarter of the fiscal) was theplummeting demand for products and services. It was an extremely tough quarter for us aswell something that we have not faced in a long long time. And for the first time inover two decades we reported a quarterly loss of Rs 135 crore (Euro 16.1 million) withboth our Indian and European operations reporting losses for the quarter.
I have always maintained that we have tried to build a culture at Apollo Tyres where wesee challenging times as opportunities. Like the theme of the annual report each one ofus at Apollo Tyres truly believes that 'No challenge too tough'. As difficulties forcedall their might on us we endured and overcame them and leapt forward living our DNA of'go the distance'.
At times adversities bring the best in us and it was delightful to see Apolloitesliving the value of 'One Family' during the adversity. As your trustee of the value systemin the company
I saw the spirit of empathy and the sense of togetherness as individuals and teamsreached out to people inside and outside the organisation to help and support them duringthe pandemic. During such difficult times we ensured constant communication with theemployees and shared the challenges of living in a year of COVID-19. This helped us tocontinue our relentless focus on cost reduction and enhancing manufacturing efficienciesacross the organisation. It is my firm believe that we need to drive unnecessary cost outof our business as that is the delta between a profitable and a losing organisation inthis increasingly global industry.
This helped us end the fiscal on a very healthy note with robust revenue growth acrossmarket segments and geographies.
During the year of the pandemic we left no stone unturned to ensure that we live byone of our core values - 'Taking Responsibility'. Our teams across the regions extendedthemselves to distribute food and other resources to people across the country. Furtherthe best way of beating the virus was ensuring the right information of COVID-19 acrossvarious communities and we reached out to over a million people creating awareness andsafety guidelines. We also joined the 'Jan Andolan' for Tuberculosis (TB) free India tocontribute to India's National TB Elimination Programme to meet the ambitious goal oferadication of TB from India by 2025.
We are not out of the grim situation as the second wave has been causing massivedisruption at personal and professional fronts. Yet we remain confident!
We have launched the Vision 2025 - 'Driving Progress Together' - along with a newpurpose and values to enable us to continue surging ahead despite the challenges andadversities.
I am confident that Team Apollo will continue to be firmly guided by its visionpurpose and values to take the company to new heights.
I would like to acknowledge every single employee network partner and business partnerfor having stood by Apollo Tyres in these challenging times and actively contributed tothis success. I would like to thank each one of you our valuable shareholders for havingbeen with us in this exciting journey. The support that we continue to receive from ourbanks financial institutions and the various State and National Governments where weoperate enable us to excel and we remain grateful as ever.
We at Apollo Tyres remain committed and sincere in our efforts to keep deliveringever better value to you our shareholders. I look forward to having many more excitingupdates for you in the new year.
|Stay safe! |
|Onkar Kanwar |
|Chairman and Managing Director |