It gives me immense pleasure to announce that our company have done significantprogress in its journey during the financial year 2016-17. We look forwarded to brighteryear ahead & I welcome you to glance through our performance and progress.
This year had its share of uncertainty which have drastically affected the performanceof the company. The market event which has left a deep mark on all the sectors of thecountry's economy was Demoralization. The Central Govt's decision to demonetize 85% of thecurrency note in circulation leads to major cash shortage in domestic economy whichperforms cash as a mode of payment even today. This cash shortage leads to a great strainon the consumption demands business activity and availability of labor force during agreater part of the second half of the year. This has also leads to higher interest outflow and delay in the execution of the various projects. This has regulated in drasticfall in turnover (28%).
During this challenging period we have strengthen our project operating systems withworld class technology. We have taken some tough decision to ensure our team's growth andsustainability. We have focused executing the project with best technology which win toreduce execution time with quality output and also opened doors for opportunities infuture.
Meanwhile the Govt. continued to announce and implement various policies reforms andprograms for strengthening infrastructure of country resulting ease of doing business .
Some of the program like "Electricity and Water to all" "Replacement ofcommercial lighting to LED lighting" "Implementation of STP & WTP" inall the towns and villages. "Upgradation of substation & transmission line"helped us to book a business work of Rs.235Cr. this year. The development to build MetroRailways hospital increase in rural telecom preparation roads parks airports powergeneration solar power generation transmission substation etc. will gear up the nextphase growth for a few more years.
The impact of new reforms in the economy increment in the FDI flow and Government'sintentions to provide world class infrastructure in the country have built up a greatpositive sentiment globally and resulting a great momentum in the growth of theinfrastructure sector segment.
We are committed to build stable and sustainable future for all our shareholdersdirectors investors Banker Employees & partners. I also thank them for their valuedsupports in the growth of company and helping for making dreams true. Our company remainedfocus on staying relevant customers employees and society at large while deliveringsignificant returns to shareholders. With the best interdisciplinary & professionalteam I find huge opportunities ahead. I am very much excited about future and sincerelybelieves that HEC's best days are yet to come.
With all your continued support company will continue to be market leader and achievenew milestones and frontiers.
|Sincerely Yours |
|Gaurang Shah |
|Chairman & Managing Director |