I am pleased to present to you our company's performance during the year FY 2020-21and I am proud to share with you this.
FY2021 was an eventful year for AHL. Despite the pandemic situation and uncertaintiesthereof it was a remarkable year for us. India stepped into FY2021 with Covid-19 inducedlockdown in place. Lockdown restrictions caused unprecedented job losses and impactedlivelihoods of many. Demand remained muted and GDP contracted to 23.9% in Q1FY2021. Butmarkets started gradually recovering led by phase wise unlocking various policy measuresannounced by government RBI as well as a better than expected corporate earningsperformance. From the lows seen during the end of FY2020 markets bounced back to eraseits losses in November. Investors further gained confidence with the approval of vaccinesagainst Covid.
We are going through the throes of the second wave of COVID-19 and things are lookinggrim. As I write to you in the second half of April 2021 there have been over 141 millioncases across the world which have claimed more than three million lives. With Indiacrossing 14.8 million cases it is the second worst affected country: less than USA buthigher than Brazil.
The Central and State Governments are taking emergency actions to navigate through thisunprecedented second wave. A rapidly accelerated pace of vaccinations coupled with astrict enforcement of wearing masks and social distancing should bring this second wave incontrol sooner rather than later.
I have always been proud of your Company's leadership and employees and their abilityto consistently deliver superlative achievements over the past decade.
In these incredibly difficult times I am truly proud of how AHL team seamlessly workedtogether through incredibly long hours to navigate through this crisis. It helped indelivering reasonable results for FY2021 and creating a strong platform for the postCOVID-19 world.
Amidst the second COVID-19 wave it is difficult to predict what the first and secondquarter of FY2022 will bring. However notwithstanding my innate conservatism I can sayone thing with a fair degree of certainty -Your Company has the team the commitment thecapability and the financial strength to overcome the second wave as well.
We believe in creating value by taking constant efforts towards building capabilitiesand developing our competitive edge over peers with the help of bringing in diversity andtransparency in doing business and would continue to do so in order to become a strongerentity than we were yesterday.
Indeed as I write the team is actively working on this. Remember the song "WeShall Overcome". That is the motto and leitmotif of your Company.
On behalf of the Board I thank the entire team at Arnold Holdings Limited for showingtheir faith by giving constant support and encouragement. I also take the pleasure tothank the employees for their tireless efforts towards achieving our goals.
And will forever be. Stay safe. Vaccinate yourself and your family. Wear masks.Maintain social distancing.
Never forget that all grey clouds must pass.
|With my very best |
|Munni Devi Jain (Chairperson) |