You are here » Home » Companies » Company Overview » Automobile Corporation Of Goa Ltd

Automobile Corporation Of Goa Ltd.

BSE: 505036 Sector: Auto
NSE: AUTOCORP ISIN Code: INE451C01013
BSE 00:00 | 24 Jun 758.60 4.25
(0.56%)
OPEN

754.35

HIGH

785.00

LOW

754.35

NSE 05:30 | 01 Jan Automobile Corporation Of Goa Ltd
OPEN 754.35
PREVIOUS CLOSE 754.35
VOLUME 607
52-Week high 1197.95
52-Week low 400.00
P/E 49.23
Mkt Cap.(Rs cr) 462
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 754.35
CLOSE 754.35
VOLUME 607
52-Week high 1197.95
52-Week low 400.00
P/E 49.23
Mkt Cap.(Rs cr) 462
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Automobile Corporation Of Goa Ltd. (AUTOCORP) - Chairman Speech

Company chairman speech

Dear Shareholders

Tam happy to connect with you once again as we complete another consecutive year of thepandemic which has impacted each one of us in one way or the other. Having said that Ihope you all are safe & in good health asI once again share a few thoughts.

While the effects of the downturn were visible during the financial year 2020-21 andhave had a significant impact at least in the near future it is now visibly making a 'U'turn and has begun to accelerate steadily commencing with the financial year 2021-22. Thiscan be witnessed by the overall Commercial Vehicle YOY sales growth of 26% in FY 2021- 22.Amidst all the lows as predicted the recovery is well and truly underway.

In the financial year 2022 your company's largest customer and share holder - TataMotors dominated the domestic commercial vehicle market across India with a share of over42 percent and had a sales volume of around 275 thousand units.

As you may be well aware the total industry volume of buses shrunk by about 80% in thefinancial year 2020-21 which had also impacted your company's volume adversely however inFY 2021-22 ACGL's volume in the bus segment increased nearly by 100% due to the recoveryin export market as a consequence to the revival of the school segment. Your company'sbusiness has slowly but steadily begun its ascent aided by the growth supplements and theenvironment supporting the Company's surge ahead as the situation improves.

Iam confident that with the vaccination drive now focused on the younger generation(below 18 years) people's movement to schools and offices has gradually increased and isapproaching normalcy at a fast rate. The already announced vehicle scrappage policy isexpected to have an impact in Q4 - the last quarter of current financial year.

Your Company as in pre-covid times has kept itself committed to the society and hascontinued its CSR activity by focusing on prevention of Covid both within the organizationand also the surrounding communities by actively supporting the primary health centre.Along with this it undertook a project facilitating online education by digitization ofschool curriculum and creating online content for the educational establishments locatedin its vicinity.

ACGL's adoption of modern engineering practices for development of new BSVI models andaggressive cost management is setting new benchmarks for itself and creating value forits business partners shareholders and community at large. I would like to acknowledgethe collective efforts of the management and employees under the resourceful Board ofDirectors towards delivering a satisfactory performance despite huge downturn in salesdue to the pandemic. I am confident that your company will always strive to be successfulin all its endeavors.

To summarize I would like to emphasize that the management has done an admirable jobin the face of internal as well as external challenges and that is reflected in itsperformance.

I would like to gratefully acknowledge the trust patience and confidence reposed byyou in the Company in these turbulent times and seek your continued support going ahead.

Sincerely
Shrinivas V Dempo

.