Over the last two decades the global economy has been grappling with a VUCA (Volatile Uncertain Complex & Ambiguity) environment. COVID-19 pandemic has ravaged the economic foundations of world trade and is forcing an unprecedented social economic and business response. It has fundamentally changed the way we live work and has made `Work from Home' `Social distancing' and `Higher technology adoption' as the `new normal'.
As the world deals with the spiralling effects of the pandemic at Havells we quickly took decisive action to respond to the unfolding challenges. We have been in constant engagement with all our stakeholders to understand and allay their anxieties. I conducted a live address to over 9000 channel partners reaffirming Havells commitment to protect their interests in these tough times and updated them on the steps taken to support them. These include prioritising their payments and starting online product training conducted by in-house experts. Our timely efforts have been appreciated and further strengthened our relationship with our channel partners.
Our employees have been `Working from Home' (WFH) during the nationwide lockdown to contain the spread of the virus and protect their health. To ensure seamless business continuity with least disruption our employees had access to the latest technological tools. We are also using this opportunity to upskill through online platforms that are actively operated by our business heads and trainers.
In these tumultuous times we have strived to provide efficient consumer services. We are applying our digital and electronic capabilities to resolve consumer issues and have quickly mobilised self-help videos for our consumers. For issues that were urgent and could not be resolved remotely site visits were arranged after taking necessary safety measures.
FY 2019-20 was a period of significant external challenges even before the COVID-19 crisis. Weakening macroeconomic environment sectoral liquidity tightening and slowdown in infrastructure segment impacted the demand for industrial products within cables professional lighting and switchgear. In addition muted consumer sentiment impacted the demand for electrical goods. We demonstrated considerable business resilience against this backdrop to achieve revenue of Rs 9429 crores and net profit of Rs 733 crores. In the coming years we will continue to focus on brand building growing our portfolio through research and development and expanding our distribution network with key focus on semi-urban and rural markets.
Lloyd is evolving as a mass premium brand in the consumer durables market. This has been brought about through innovative and aggressive brand-building initiatives a proliferating product range and by reinforcing our distribution network. Lloyd air conditioners are now being manufactured in-house at our new state-of-the-art plant which is amongst the most integrated and modern facilities in Asia. The high level of automation along with backward integration gives us greater control over quality while optimising costs and boosts consumer confidence in the brand.
At Havells our constant endeavour is to put people at the centre of all the efforts towards innovation and technology. We passionately believe that this is the right approach to make a meaningful difference in the lives of our stakeholders and get the best out of human potential. Our conviction leads us to launch intelligent products that make our customers' lives happier safer and better. Through our Internet of Things (IoT) ecosystem we are going beyond and deeper into making homes smarter and powering a holistic digital experience. With our production facilities increasingly embedding smart technologies the need for routine manual work is reducing giving our workforce more time to focus their expertise on critical tasks leading to improved efficiencies and productivity. We remain dedicated to our strategy of `Innovation at Fore' `People at Core' to deliver a higher level of outcomes for all our stakeholders.
Our determination to be a responsible business reflects in our energy-efficient products and sustainable processes. We continue to replenish more water than we consume across our sites enabling us to maintain our water positive status. Today we are proud to be delivering 1.6 times more water than what we are consuming highlighting the success of our efforts. We are steadily increasing the usage of renewable energy at our facilities to minimise our environmental footprint. During the year we planted over 3.5 lakh saplings to be wood and paper negative company. These initiatives combined with energy-saving projects have enabled us to reduce our carbon footprint immensely.
Furthermore we continue to extend our support for the provision of midday meals for children at schools to help them focus better at studies. As part of our efforts to promote health and hygiene we built around 400 bio-toilets and distributed over 56000 sanitary napkins to girls in government schools in Alwar and Haridwar district. Another key initiative was partnering with BL Munjal Foundation and Ashoka University to provide financial assistance to needy students and creating the infrastructure for their benefit.
In closing while it is early to predict the severity of the pandemic fully I am an optimist on mankind resilience to bounce back in the face of any adversity.
Amidst all the disruption and economic fallout there is an opportunity for India to acquire new overseas markets as companies across the world look to de-risk and diversify their supply chains or relocate their manufacturing hubs. In these circumstances Havells renews its commitment to collaborate for a greater good of our stakeholders and our nation. I would also like to take this opportunity to show our appreciation to our employees who individually and collectively make us a better and stronger organisation. As to our customers business partners and shareholders we look forward to your steadfast support as we continue our path of sustainable growth and value creation. Thank you for believing in us and be our companion in this journey!
With warm regards
Anil Rai Gupta