We would like to thank all our valuable stakeholder for placing consistent faith andtrust in our company Investment & Precision Castings Limited ( I&PCL ).
We look forward with optimism and we believe that we possess the vision missionstrength and resolve to steer in this intricate era for growth prosperity and well-beingof everyone.
FY 20-21 has been a challenging year not only for I&PCL but for everyone on theplanet both professionally and personally. The Covid-19 pandemic has affected numerouslives and our prayers are with everyone su ering due to the virus outbreak.
FY 20-21 began in the midst of a lockdown which significantly impacted every singlesupply chain in the country and I&PCL was no different. Manufacturing was shut for alarge por}on of the first quarter but the subsequent quarters witnessed a revival indemand that enabled us to recover our losses su ered during the lockdown.
Historically the Automofive sector has been our biggest client and I&PCL over thepast few years has been diversifying with an increased focus on Non-Automouve sectors suchas Aerospace Defense and Medical Implants along with Exports.
The Automouve sector has shown promising demand following the lockdown and we expectthe demand to remain strong provided that no major outbreaks of any virus strain occur.With the vaccination programs occurring across the country and the globe we stronglybelieve that the impact of the pandemic can be controlled soon incase of future outbreaks.
For Aerospace & Defense sales revenue grew by 42% and forms over 5% of our overallrevenue as compared to 3.25% in FY 19-20. We are also pleased to inform that our TestingLaboratory is now NABL approved which is another significant step in ensuring qualitystandards for the sector. As of January 2021 we have inaugurated a separate manufacturingunit to cater to our Aerospace & Defense clients. As the Indian Aerospace &Defense sector grows we expect significant growth in the coming years. We have alsoprocured equipment for Hot Isostaffc Pressing which is a major process requirement forMedical Implant manufacturing.
I&PCL has also developed various clients for direct exports. Overall exports for FY20-21 grew by 400% and accounted for approx. 8% of our overall revenue compared to 2% inFY 19-20 and we expect the business to grow. Our target for FY 21-22 is to have 15% of ourrevenue coming from exports.
All in all we see several growth opportuni es from all our client segments and we arestriving to achieve our goals. I would like to conclude by thanking the enfire I&PCLteam for their hard work and dedication towards the company as well as our customersvendors and stakeholders who have made it possible for our company to maintain its journeyof growth during these uncertain and unpredictable times.
I would also like to inform you all that
Mr. Jainam P. Tamboli has joined I&PCL a er comple on of his B.Tech from NMIMSUniversity Mumbai and MBA from Babson College Boston and is acfively involved with theI&PCL team to bring fresh ideas which are beneficial for future benefits for thecompany.
I would also like to thank my fellow Board Members
for their invaluable support.