Dear Valued Shareholders
Hope everyone is alright and doing well along with their families. This past year hasbeen challenging and disturbing for some so hoping everyone is following their socialresponsibilities and helping to take a step towards COVID free world again.
We are pleased to present the annual review for FY 2020-21 of our Company. The pastyear has been busy ever changing and challenging for the industry at large withirrational increase in steel prices. Along with the economic slowdown the country alsofaced a pandemic which impacted the overall business activities in the first and secondquarter. Due to COVID-19 our manufacturing facilities were not operational in the monthof April until mid-May thereby impacting our revenue and profitability.
Despite nationwide lockdown and other challenges I am happy to share that our Companymanaged to perform almost at par compared to last year's revenue. On our financialperformance for the year our Company clocked revenue of Rs. 1572.12 crores as againstRs. 1633.82 croresin FY20. EBITDA and PAT for the year stood at Rs. 116.48 crores and Rs.30.05 crores respectively.
While the domestic markets were still uncertain about routine operations our widenetwork of OEMs demand from our overseas customers and support from Government ordershave enabled us to work smoothly and continuously.
We have handled the pandemic period pretty well and all this has been possible onlybecause of our well experienced and trained management team. They have been the backboneof our Company along with other employees who have worked with sheer dedication and hardwork to make sure our Company and factories run smoothly without any unwanted andunnecessary disruptions. Their untiring efforts and our vast product portfolio combinedtogether brings more business to table. At the same time we undertook various CSRactivities during and after lockdown. We distributed around 60 Oxygen Concentratorsfinancially helped poor families were involved in medical supply and held eye donationcamps. We took it as a mission to help those children who became orphan due to Covid.
This year there has been uncertain and sudden increase in steel pricing due tocertain trade restrictions in China. These circumstances should pan out to benefit ourCompany to generate higher revenue and increase in profitability. We expect export salesto increase post restriction in China trade policy. Constant adaptation to the changingconditions has been an important strategy of our Company that has kept us afloat in anygiven instance. I am personally a strong believer of the phrase 'Change is the onlyConstant.' We try to mould ourselves as perthe wants and demands from customers and marketforces.
Our success so far has been driven by our most important asset - our team! I would liketo take this opportunity to thank each and every member of the Goodluck family. I wouldalso like to thank our Clients Creditors Banks Financial Institutions and otherStakeholders without whose patronage we could not have been where we are.
Stay Healthy & Safe.
Thanks and regards Mahesh Chandra Garg Chairman