From the Chairman's desk
"What started as a process has silently got woven into the organisationalfabric."
Your organisation is becoming more robust and resilient to overcome seeminglyunsurmountable vagaries and stay the charted course.
This philosophy has transpired through the rank and file because the Total QualityManagement (TQM) journey which we set afoot in the previous fiscal has during theperiod under review been institutionalised across the organisation.
TQM has from the shop-floor to the top floor has facilitated in cascading theorganisational goals into divisional objectives and then further flowing it down todepartmental targets. It's been quite a tall ask indeed considering the intricatecomplexities of our diverse businesses.
What is extremely satisfying is that not only the management but every department canaccurately access their contribution to the organisational goal. Moreover our rigorousmonitoring discipline of mapping the aspiration with reality helps realign our approachwith the prevailing situations.
The energy and enthusiasm among the teams are palpable. Their unwavering focus anddedicated effort in absorbing this contemporary philosophy has enabled the Company tosecure its turf despite the highly challenging and demanding business environment of2019-20.
TQM helped us in better identifying and plugging the gaps in our processes productsand services. This I believe will strengthen our opportunity matrix when demand revives.
After the first full year under the TQM umbrella we are now highly charged to takethis ethos to the next level where the TQM philosophy gets ingrained into theorganisational DNA. For this we will need to individually and collectively continue topush the envelope so much that it would propel the organisation to a higher orbit.
The year ended with the menace of the new novel Corona virus pandemic setting theglobal economy on a tailspin. As the virus runs riot across the globe a global economicrecession looks imminent drowning consumption to its nadir. India is not exception tothis global trend. The lockdown announced by the Central Government to curb the spread ofthis contagion has brought business activity to a grinding halt.
It is natural that the global economy will take time to come out of this crisis thathave swept through the world. The Indian growth story too will need time to regain themomentum after stepping out of the rough patch.
Under such circumstances our primary goal will be to enhance our relevance to ourcustomers. For this we would continue to smarten our product offerings strengthen ourservices quotient and move closer to our customers. We will keep ourselves ready tocapitalise on the first green shoots of recovery.
While the immediate future appears uninspiring India is poised to remain steadfast onits growth path over the medium term driven by favourable government policies. Despitethe visible depression we continue to remain positive about our prospects.
As we move on in our journey to be better every day I would like to thank the Boardfor guiding me to execute my responsibilities in the best possible manner. I would like toextend my gratitude to each and every member of our team for their relentless efforts inmaking LMW a globally respected organisation.
My deep appreciation to all our loyal and valuable shareholders for their continuedconfidence and support. I also place on record my gratitude to all our other stakeholders vendors customers bankers and government authorities for the unstintedsupport and assistance throughout our journey. I solicit your continued co-operation inenabling LMW stay its charted course.
Chairman & Managing Director