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Dalmia Refractories Ltd.

BSE: 500481 Sector: Engineering
NSE: DALMIAREF ISIN Code: INE200F01017
BSE 05:30 | 01 Jan Dalmia Refractories Ltd
NSE 05:30 | 01 Jan Dalmia Refractories Ltd

Dalmia Refractories Ltd. (DALMIAREF) - Chairman Speech

Company chairman speech

Dear stakeholders

This year marks an important leap in our journey as we have crossed not only milestonesbut geographical boundaries too.

The principal highlight of the year was our entry into Europe through acquisitionroute.

We successfully acquired GSB Group Europe's number one manufacturer of lances aproduct that helps steelmakers manufacture clean steel. This is our group's first-everinternational business acquisition which opens up considerable opportunities to upsell andcross-sell solutions and services across customers in Europe. The purchase of thisbusiness also provides us with technology access that helps us deliver an enhanced anddifferentiated capability to customers in India. More importantly this transaction sendsout a message of our focused commitment and growth appetite which should translate intosuperior numbers across the foreseeable future. This has also made it possible to advanceour revenues and reduce the time involved in building our presence internationally.

Dalmia Seven Your Company's joint venture with Seven Refractories also commissioned astate-of-the-art production line in Katni Madhya Pradesh for an investment of Rs 20 Cr.It is India's most advanced monolithic refractory production facility which willstrengthen our service offerings and enhance customer satisfaction through quicker fullment of orders. We believe that this investment will address the growing appetite for ourproducts strengthen our brand and enable us to increase our market share.

During the year under review Your Company achieved a revenue growth of 34% with EBITDAgrowing by almost 3.5 times to Rs 17.8 Cr signifying that our growth was not onlyattractive but also profitable.

The new financial year has begun robustly with a formidable order book having somelarge project orders from prominent companies which should translate into consistentgrowth in revenue and earnings. The global refractory market continues to grow in linewith the demand growth of heavy industries. There is growing optimism that the globalrefractory market is expected to grow from US$ 23.3 billion in 2018 to US$ 26.3 billion by2023 catalyzed by growth in global steel non-ferrous metals cement glass andpetrochemical sectors.

With India poised to emerge as a preferred manufacturing hub for steel driven bygovernment programs like Make in India among others demand for refractories is expectedto significantly increase. Also the government's thrust on infrastructure spending andHousing For All 2022 is expected to further boost the buoyancy of refractories. India'seconomy is expected to be positive with Indian refractory market estimated to grow above7-8% in FY20 and FY21 virtually matching the growth of our national economy.

Our growth and performance is on the back of a very committed and dependable workforceand also continued support from all our stakeholders. I thank each and everyone for beinga part of this journey and look forward for your continued support as always.

Sincerely

Sameer Nagpal