The year under review has been unprecedented and perhaps the most challenging of ourlives. The year 2020-21 evokes feelings of anguish and courage the former at the immensesocio-economic disruption and human tragedy and the latter at the fortitude of humanity atlarge which collectively withstood a myriad of challenges. We salute the lakhs of peopleinvolved in the healthcare and public services who served society and the country withunflinching dedication often undergoing severe hardship.
Brand building was taken to higher levels with more emphasis on digital mode. In spiteof the challenges as pioneers of motorsport in India we successfully concluded and withabundant safety measures a shortened 2020 season of National Racing Karting & RallyChampionships in the second half of the year under review.
Perhaps it was the history of JK Tyre that all operations had to be completelysuspended as also those of our stakeholders including vendors or channel partners. Thisadverse situation brought out the best in Team JK Tyre and the one factor that stood outwas the team's resilience. With the philosophy of survive revive and thrive' wetravelled on the path of transformation. First & foremost the safety of all employeeswas ensured. Well-strategised plans including the creation of virtual offices which wereput in place enabled us to resume and ramp up operations smoothly as soon as the economystarted reopening. We proudly stood shoulder-to-shoulder with our partners furtherstrengtheningero our relationships. Organisational agility and adaptability were keyelements that helped us ride the storm.
Every facet of our operations was completely transformed and the result on record wasamong the best in the company's history in a year which effectively working months. Higherefficiencies in production cost control superior working capital management a lighterBalance Sheet innovative marketing and emphasis on value-added products and servicesresulted in a quantum jump in profitability.
In synergy with our green ethos the premium Smart Tyre' range with embeddedtechnology which is safer and more environment-friendly was enlarged during the year.
Our Global R&D and Technology Centre The Raghupati Singhania Centre ofExcellence' which houses HASETRI & The Tech Centre continued to work on sustainablegreen technologies and the development time of tyres for e-vehicles. The ability toproactively transform while leveraging predictive performance analysis and simulation hasenabled us to partner leading global automotive brands established in India.
I am happy to share that JK Tyre continues to be a Green' company. It is theglobal benchmark for the lowest raw water use per kg of tyre produced. In fact we are oneof the lowest three in the world on energy consumption in the tyre industry. The use ofrenewables in our power mix increased to 55% during FY 2020-21 increasing annually. Theseefforts helped us in reducing carbon emissions intensity by 53% in the past few years.Moreover
Z JK Tyre isnowcertifiedto be as Waste to Landfill' as well as Single Use
Brand building was taken to higher levels with an emphasis on the digital mode. Inspite of the challenges as pioneers of motorsport in India we successfully concludedwhile observing abundant safety measuresjust10 a shortened 2020 season of NationalRacing Karting Rally Championships in the second half of the year under review.
The Company's export performance continued on its growth trajectory with an expandedinternational footprint. There was a continued thrust on technologically advanced productssuited for the targeted markets enabling profitable growth in exports during the FY2020-21 despite intense competition from low cost brands. Demand and preference for JKTyre brand truck and passenger radials grew across markets including demanding geographieslike Europe and North America.
The transformation of operations at Cavendish Industries Limited contributedsignificantly to the overall operational results with consistent growth in revenue highcapacity utilisation and efficiency improvements.
There has been a continuous emphasis on Health Safety & Environment and JK Tyreholds the distinction of being the first tyre company in India to be awarded theprestigious Sword Of Honour from British Safety Council for all its plants in India acrosslocations. It has always been our endeavour to be a socially responsible corporate andduring this challenging year we have not only been able to sustain our ongoing CSRprograms but during the COVID-19 pandemic we were able to reach out to communitiesmigrants mitigating the problems of the less privileged. JK Tyre is proud to havesupported the efforts of the
Government in every aspect and at all levels to combat the pandemic. In the comingtimes we expect economic revival and growth. Rising commodity prices and the potentialturbulence of the pandemic though remain a cause of concern.
I am extremely proud of the JK Tyre family that has collectively stood togethersustained and turned around our business. I am sanguine that the company will continue totransform with greater passion conviction speed and build on its position as oneof India's most trusted tyre brands. We will not rest on our laurels but endeavour todeliver greater value to our stakeholders in the years ahead. STAY SAFE.
Dr Raghupati Singhania