Company is continuously striving Jot excellence in a highly volatile market.
The JocuS is on restructuring in all areas of businesses whether it is sates R&Dproduct innovation ot investment.
Dear fellow Shareholders
We wish for safety and good health of our Shareholders amidst this Pandemic of COVID -19.
Prior to onset of COVID - 19 the global economy was grappling with a VUCA (VolatileUncertain Complex & Ambiguity) environment. The fiscal 2020-21 posed a challengingoperating environment for the Indian economy as well. Factors such as liquidityconstraints muted investments weak consumption and volatile commodity prices wereconsistent deterrents on the path of growth.
COVID-19 pandemic has now changed the economic foundations/ principles of world trade.It has further brought in an environment of unprecedented social economic and businessresponse. It has fundamentally changed the way we live work and has made 'Work fromHome' 'Social distancing' and 'Higher technology adoption' as the 'new normal'.
CMI Limited have effectively adapted to the 'work from home' culture with little or noimpact on its operations.
As a responsible corporate entity CMI undertook a series of measures to ensure safetyand well-being of our employees and to support dealers & distributors. With theannouncement of country wide lockdown by Honourable Prime Minister of India the Companyunderwent complete lockdown. During this period we also focussed on conserving andaugmenting our liquidity position through judicious cost management and deferringnon-critical spends.
Now we have resumed operations as per Government Directives and Orders.
We have taken necessary initiatives to support our esteemed Associates and your Companyis back of growth track. While the Company management does foresee certain challenges inits supply chain activities due to continued impact of COVID-19 and volatility incommodity prices this may not have a significant impact on its operations in the comingseason.
Amidst all the above it gives me pleasure to present to you the CMI Limited AnnualReport 2020-21 as your
Company continued to play on its strengths and posted a stable financial performance.
At present your Company is continuously striving for excellence in a highly volatilemarket. The focus is on restructuring in all areas of businesses whether it is salesR&D product innovation or investment. Your Company is taking concrete and effectivesteps to consolidate its position in the Cable industry. The underlying philosophy of yourCompany is to grow in a manner that is sustainable for its stakeholders employees and thecommunity at large.
In our last four years of turnaround after we acquired General Cables Energy IndiaPvt. Ltd. we have taken decisive actions to refocus our business and customers makingourselves more relevant and more competitive than ever before.
FY 2020 fell short of expectations to Rs. 201.70 Crores as compared to Rs. 498.29Crores in FY19. Reasons for a tapered performance may be attributed to COVID-19 crisisWeakening macroeconomic environment Sectoral liquidity tightening and slowdown ininfrastructure segment impacted the demand for cables.
To overcome all these hurdles soon the company is in the process of looking out fordifferent funding options. The Company has also deployed several market-conducivestrategies to expand its domestic business and foster strong growth in exports. Thecompany is also in the process of adopting various organic and inorganic growth strategiessuch as Joint ventures Partnerships Mergers and new product launches
FUTURE GROWTH AGENDA
The Indian markets have also seen a decent recovery in the last one month largely inresponse to the rebound in the global counterparts and taking note of the measuresannounced by the government and RBI to fight the COVID-19 pandemic. However we feel it'sa breather after a sharp plunge and expect the volatility to remain high until thepandemic situation stabilizes and lockdown is completely lifted. The Covid-19 pandemicwill have an extended impact this means opportunities as well as challenges. The Companyis in the process of recalibrating its growth strategy to address these challenges and tomake use of the new opportunities.
On behalf of the Board and the Management we seek support from each and everystakeholder to bring prosperity to one and all and before I conclude I wish to thank allmy Board Members regulatory authorities our management employees and the stakeholderfraternity for their guidance and continued support. I am confident that your Company willsuccessfully cross every hurdle in the years to come by leveraging its strengths and bytapping-in on new opportunities.
Thank you once again for the trust and confidence reposed on CMI.
Sd/- Amit Jain Chairman cum