We are currently faced with one of the greatest health crises of our generation onethat has severely impacted human lives and ravaged every economy across the globe. WhenIndia got introduced to the virus the Government took prompt action and announcednationwide lockdown to curtail its spread. Social distancing became the need of the hourand economies came to a standstill. The pandemic has compelled people all over the worldto make changes in their way of working and living. The second half of the year howeversaw an impressive recovery due to unlocking of restrictions pick-up in economic activityfavourable government reforms and mass disbursement of vaccine to halt the spread of thevirus.
As you are aware the global automotive industry grappled with multiple issues sinceOctober 2018. Muted global growth mounting trade tensions stricter emission norms anduncertainty on the usage of diesel uptrend in commodity prices and enhancedelectrification regulations have altered the landscape of the industry. Despite the abovepull-down factors and COVID-19 pandemic impact the global automotive industry was able torecover from the second half of 2020 due to various factors including positive consumerdemand and younger generation mindset in the domestic market as well. Considering thesocio-economic situations and deployment of Government policies for the revival we expectthat the automotive industry will continue its recovery and bounce back in the comingyears.
Rapidly growing urbanisation and disposable income is driving the adoption ofelectrical appliances in India. Moreover with increased consumer awareness onenergy-efficient and aesthetic products the demand for offerings that embed newertechnologies is witnessing a strong acceptance. Government's strong focus on ruralelectrification and affordable housing also augurs well for the consumer electrical goodsindustry. The COVID-19 pandemic has also fuelled the demand for electrical appliancesdespite the transient challenges faced by the industry. Further with work-from-home trendexpected to continue consumers want smart electrical products that can make their lifeeasier and productive.
From a financial perspective FY 2020-21 was challenging. Despite the pandemic and thelockdowns the revenue we posted during the year was in line with previous year with just9 months operation whereas the profitability for the yeai was only marginally down evenwith full year costs.
Our main focus at this time was on standing by all the stakeholders and employees byoffering them all support within our means. Employee mobility shutdown of operationsregulatory restrictions logistical and supply chain issues were the major constraintsfaced by us.
During the pandemic a management taskforce had been monitoring the situation and takenmeasures for upkeep of plant supply chain stakeholder updates implementing COVID-19guidelines employee health stay & safety and vaccination to eligible employees.With these measures from July 2020 majority of our operations had seen resumption ofactivity. What is worth mentioning is that all the employees were given their salary alongwith adequate benefits during the lockdown period. We continue to closely monitor how thepandemic evolves globally for smooth flow of business activities.
Being a pioneer in Torque Actuator Motors (TAM) for Electronic Throttle Control (ETC)application we are now widening our motor portfolio to EGR WGA VGT and CCV applicationsas the demand for such applications is seen growing. These are showing an upward trend dueto stringent emission norms for conventional and hybrid variants across the globeresulting in an increase in the number of motors per car to 2.9 from 2.4 few years back asper industry estimates. We are focussing on the domestic Tier-I customers to support"Atmanirbhar Bharat" and are already working on 10 programmes with 5 domesticcustomers. Besides the above our team is now working to expand TAM portfolio intotwo-wheeler ETV segment and launch motors for other applications like EPB TOCD SeatMotors etc.
Under Electric Motors with Energy Efficiency for appliances theme we have launched theBLDC motor platform for consumer electrical applications for ceiling fan. We are ready toseize the opportunity arising from the Government's push on energy efficiency schemes todrive growth with a mass adoption scheme. We have engaged with the market leader in theceiling fan segment and populated a considerable number of BLDC Fans in the market and arealso working on launching motors for TPW & air coolers.
As governments are formulating a stable investment environment with robust incentivepolicies for EV we are gearing up to capture the emerging opportunities in the electricvehicle space by launching new platform of EV motors suitable for E2W/E3W.
Our work in the recent past in Electric Motor Drivers and Controllers has given us thenecessary base for engaging in Electronic System Design & Manufacturing (ESDM) forwhich we have established R&D desk supply chain as well as a SMT manufacturing lineof 2.5 Mio per annum capacity. We are now exploring opportunities in collaboration withleading appliance segment players and the first set of external supply samples arecurrently under validation.
We remain focussed on leveraging our competencies and are confident of capturing thegrowth prospects and script success. Strategic initiatives to expand customer basestriving for higher share from emerging technologies strengthening manufacturingcapabilities keeping pace with technological developments and regulatory requirementsand driving value accretion continue unabated.
Our consistent efforts to diversify product applications for both global and Indianautomotive segments coupled with launch of newer technology platforms are likely to drivegrowth. Equipped with strong fundamentals future-ready products and technologicalexpertise we are confident of seizing these opportunities and drive sustained growth.
I would like to take this opportunity to thank you all our shareholders and all otherstakeholders for the persistent trust and confidence reposed in us. More importantly
I express my utmost appreciation for the senior management and all the employees whohave given their best contribution to achieve the Company's targets and goals.
Hemant M Nerurkar