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Kirloskar Electric Company Ltd.

BSE: 533193 Sector: Engineering
NSE: KECL ISIN Code: INE134B01017
BSE 00:00 | 19 Jul 17.45 -1.50
(-7.92%)
OPEN

19.30

HIGH

19.30

LOW

17.35

NSE 00:00 | 19 Jul 17.45 -1.40
(-7.43%)
OPEN

21.50

HIGH

21.50

LOW

17.30

OPEN 19.30
PREVIOUS CLOSE 18.95
VOLUME 35046
52-Week high 56.95
52-Week low 17.35
P/E
Mkt Cap.(Rs cr) 116
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 19.30
CLOSE 18.95
VOLUME 35046
52-Week high 56.95
52-Week low 17.35
P/E
Mkt Cap.(Rs cr) 116
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Kirloskar Electric Company Ltd. (KECL) - Chairman Speech

Company chairman speech

Dear Shareholders

It is my privilege to write to you as the Chairman of this company. I on behalf of theBoard of directors express sincere gratitude for your support for all these years. I haveto inform you that this year is the Birth centenary of Late Shri Ravi L. Kirloskar thefounder of this company who has always been a source of inspiration to all of us. Onbehalf of the Board of directors I am pleased to present the 70th annual report for yourcompany for the financial year 2016-17.

The year 2016-17 continued to be another challenging year though the global economy isimproving with global GDP growth projected to increase to around 3.1% in 2018-2020.However it remains vulnerable to geo-political tensions high interest rates and highvolatility in currencies. Amongst the emerging economies India has comparativelyoutperformed others. The medium to long-term economic outlook in India continues to lookpromising and it is further encouraging seeing the Government's measures to continue toliberalise the economy and focus on social sector spending. It is further encouragingseeing the Government's measures for fostering investments and ease of doing business inIndia. Some noteworthy new initiatives are in the form of Make-in-India Invest IndiaStart up India and e-biz Mission Mode Project under the national e-governance plan. Overthe medium run the implementation of the Goods and Services Tax (GST) afterdemonetisation and enacting other structural reforms should take the economy towards itspotential real GDP growth of 8 per cent to 10 per cent. The GST will create a commonIndian market improve tax compliance and governance and boost investment and growth.

Indian power sector is undergoing a significant change that has redefined the industryoutlook. The demand for power in the country has increased rapidly and is expected to risefurther in the coming years. The Government of India's focus on attaining ‘Power forall' has accelerated capacity addition in the country. It has identified power sector andrenewable energy namely solar power and wind energy as key sectors of focus to promotesustained industrial growth. At the same time the intensity of competition is increasingboth at the market and supply sides resulting in negative pressures on the prices of theproducts. In this direction your company has taken several initiatives to remaincompetitive by reducing cost optimizing the manpower and streamlining operations. Thestrong brand image of the company's products puts us in an advantageous position. Duringthe year your company continued with more vigour focus on achieving more profitabilityefficiency increasing productivity and improving skills of human resources by undertakinga number of measures. We are adopting all possible measures to mitigate the losses at atime when there are pressures on cost in terms of lower demand slower project executionand clearances increase in interest burden and lower turnover. Your company is takingsteps to overcome these challenges by improving upon efficiency productivity andenhancing skills of human resources by a continuous process of learning & development.We will continue with our efforts to further strengthen the operations and resource baseof your company and we are sure that your company will overcome these challenging times.

I express my sincere thanks to the shareholders lenders bankers financialinstitutions vendors customers and all other stake holders. I express my sincere thanksto the employees of the company for their support during these hard times.

Vijay R Kirloskar

Executive Chairman