I am pleased to share our companys performance for the financial year of 2017-18.
During the year under review the Indian economy has emerged boldly facing multiplechallenges. Structural reforms by their very nature are initially disruptive becausethey unsettle the existing ways of doing business and can often impact public perceptionsnegatively. However their long-term benefits outweigh the early tremors. The GST regimeand other reforms such as De-monetization are the building blocks of a healthier morewholesome economic environment.
After implementation of GST and Demonetisation execution of projects by our companywas adversely affected due to delay in delivery system various upgradations from vendorsand Government Organizations. This lead to temporary disruption of our Trade channels andhas resulted in the stagnancy in our revenue growth. Despite the Challenges and externalfactors beyond control of the Company it continued to maintain robustness in itsoperations which is reflected in its strong order book and revenue.
The Government has initiated series of structured reforms whose positive outcomesshould be tangible in long term Growth. The Government increased their emphasis onInfrastructure development through series of flagship programs which have been widelyaccepted. Infrastructure expenditures have multiplied this effect enabling pan industrialgrowth and the clear & long term growth of our country through development powersector & airports water sector power transmission & distribution network etc.
Our company has exhibited a commendable performance
in most of the key areas like power water transmission &
distribution work. The Company has booked orders worth of ` 190 Cr. and have an orderbooking of ` 240 Cr. till date. During the year under review our profits have risen by5.5%.
The Company believes that adoption of digital technology is very essential to cope upwith the existing environment for the smooth working of the Company. We have focused on E-presence system Digital Payments to all vendors & employees online billing systemonline project status reports at all stages of project. This will help us to execute theproject in given time frame with more reliability & profitability and most importantlya clean way of operations.
I would like to conclude by thanking HEC Team as well as our customers Vendors andother stakeholders who have made it possible for our firm and have continued to maintaintheir faith in HEC during a challenging phase of the Indian economy. We are committedworking towards a strong steady and sustainable future for our all stakeholders.
Chairman & Managing Director