I present you the 11th Annual Report of your company and I am pleased to present yetanother year of growth and success of AVG LOGISTICS. We continued to demonstrate ourproficiency and determination in achieving operational excellence and financial soundnessinspite of entering the unprecedented pandemic scenario caused due to COVID-19 by the endof March 2020. To remain robust and resilient in an ever-changing business environment westayed focused on carrying forward our legacy of contributing to the growth of the countryby delivering value to our shareholders.
Across the entire world COVID-19 has impacted the lives of everyone. My sympathies arewith everyone who is directly or indirectly affected by the virus and wish for the goodhealth and safety of all. Apart from health crises the pandemic badly affected thebusiness fraternity due to complete lock down in almost every corner of the globe andpresented us with an economic crisis.
In the current scenario the logistics industry can emerge as the backbone of theeconomy and can play a crucial role in terms of support to the national economy. Thegovernment policies also witnessed the growth of logistics warehousing and transportationsector by developing logistics infrastructure such as dedicated freight corridorslogistics parks trade warehousing zones port modernization rationalization of taxes andfocus on creating a skilled workforce for logistics and supply chain. Besides thereduction in corporate taxes will also support the businesses during the overall economicslowdown.
Further I wish to inform you that inspite of the prevailing COVID-19 scenario yourDirectors are confident to achieve the milestone with the dedicated and committed effortsof the team AVG by providing time bound and committed services to itsstakeholders/clients. Despite challenges we are constantly strengthening our capabilitiesand relationships with customers and wider stakeholder fraternity with a focus on longterm value creation. Our large customers/clients comprising of both corporate and SMEsbelonging to different industries provide us a discernible competitive advantage andaccelerated growth opportunities. Our operations continue to expand and cover the lengthand breadth of the country as well as overseas.
The path forward is marked by many challenges but we are optimistic about driving thecompany to newer heights. I would like to take this opportunity to pay my respect andappreciation to all the shareholders for their continued trust and belief in ourdecisions. Further since we could demonstrate our success with the continuous support ofour lending institutions thus I have no hesitation to place on record our thanks tobankers/lending institutions for their everlasting support.
I would also like to appreciate all the employees and stakeholders for their continuousefforts and commitment towards the growth of the company and the Directors for theircontinuous support and guidance. We look forward to many more successful years ahead.