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Macpower CNC Machines Ltd.

BSE: 535057 Sector: Engineering
NSE: MACPOWER ISIN Code: INE155Z01011
BSE 05:30 | 01 Jan Macpower CNC Machines Ltd
NSE 00:00 | 30 Nov 346.30 1.45
(0.42%)
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Macpower CNC Machines Ltd. (MACPOWER) - Chairman Speech

Company chairman speech

Dear Shareholders

Hope you all are safe and healthy!

I am pleased to present to you our 18th Annual report for the financial year2020-21. I feel very proud that your company has demonstrated the unique ability to adaptand work cohesively with all our stakeholders to deliver the targeted results in theseunprecedented times.

Team Macpower is grateful to the frontline healthcare workers and other support teamswho are selflessly and fearlessly serving humanity during these challenging times. Thesilver lining is the success of large-scale vaccination in the country in controlling thepandemic that has given hope to humanity at large.

India was relatively successful in managing the first wave of the pandemic outbreak butunfortunately in the second wave of Covid-19 the virus infected millions of people andcaused financial economic and a health crisis at global and local levels. During theseunprecedented times Macpower and its R & D team has shown their spirit andsuccessfully invented a first time in India a "Hot air seam sealing machine" forPPE suits and a "fully automatic CNC machine" (fastest mask making machine) tomanufacture N-95 Masks. For such a tremendous effort your company received significantcoverage and appreciation in print and digital media.

Your company recently got an ISI mark for its N 95 Masks which have been distributedacross India.

As the Chairman of the Board of Directors of MACPOWER let me assure you that despitemyriad challenges your company is focused on maintaining the growth momentum anddelivering value.

For any organization their employees are their true asset and here in your company wecare for our people. During these unprecedented times of the pandemic we have till datemaintained all the safety and security norms. We have also provided special COVIDinsurance for all employees of the company.

The Indian GDP after a steep fall of -24.4% and-7.3% in Q1 and Q2 of FY2020-21respectively has shown recovery with 0.4% growth in Q3. Your company has outperformed infourth quarter of financial year 2020-21 by generating highest total revenue of Rs.50.13Crore against INR 24.54 Crore during the fourth quarter of the previous financial yearrepresenting an increase of 101.6% year on year.

Due to the second wave of COVID 19 production was impacted in the month of April andMay of Financial Year2021-22 as the Company's workers and / or their family member wereinfected in large number to the covid virus. However your company through a plannedproduction process kept its momentum and recorded revenue of Rs.34.72 CR in the quarterended 30 June 2021 against Rs. 6.81 CR of first quarter of financial year2020-21representing an increase of409% year on year.

Your company has recruited more than 100 employees between the two waves. Thecontinuous recruitment training skill development programs has enabled the company tobuild a strong and robust workforce to achieve our growth and development vision.

In-house spindle manufacturing facility machine shop powder coating plant and sheetmetal shop empowers the company to increase production and productivity every month. Yourcompany has continued to maintain its status of being debt free and generating ampleliquidity to meet the future expansion plans from internal accruals. Strong fundamentalsand the robust team of Macpower will help your company to grow at +25% CAGR overthe next 5 years.

At present your company is manufacturing approx. 1000-1200 machines per annum andcontinuously working towards increasing existing capacities every quarter to quarter. Weare targeting to achieve capabilities to manufacture 1300-1400 machines per annum by theend of financial year2021-22.

While the pandemic disrupted lives as well as businesses across the world as a companywith strong fundamentals we emerged successful with an overarching focus on businesscontinuity. During the Financial Year total revenue of your company stood at Rs 113.23Crore against Rs. 82.53 Crore during previous financial year representing a growth of37.20% year on year. The EBITDA of the Company has grown by 77.80% over the previous yearand reached Rs. 9.53 Crore from INR 5.36 Crore. This year your company's PAT stood at Rs.6.03 Crore as against last year when it was Rs. 2.73 Cr representingY-o-Y growth of120.88%.

As far as the company's order book is concerned from April 2020 to date we havedispatched 959 machines in the domestic market with a combined value of more than Rs 156crore. We have also received advance of Rs 6 cr towards 723 machines (in our pendingorders) in our order book. Your company's performance in the defence and educationalsector (tender business) has enhanced year on year. From April 2020 to date in thissector we have dispatched totally 65 machines and received orders worth around Rs.14.59Crore including L1 Category. Apart from that we have participated in 123 tenders having acombined value of Rs. 147 Crore.

Dear shareholders in the month of January 2021 we have installed 200KW Solar Plant inthe company premises which is a step towards self-reliance for captive power consumption.Solar Plant installation will help to reduce carbon footprint which leads to preventgreenhouse effects. Macpower and its progressive team firmly believes in hard workdedication and are assured about the future prospects of the company.

Your company always believes in creating value for each and every stakeholder of thecompany.

I would like to take this opportunity to thank all our colleagues once again.Macpower's resilience in these challenging times is a testament to their dedication andcommitment. I would also like to thank my fellow directors for their valuable guidance andsupport to the business.

Finally let me close my remarks by thanking all our shareholders investors businessassociates and customers for the trust and confidence they have placed upon us. I lookforward to your support in our endeavor to continue delivering value for all ourstakeholders over the coming years.

Thank you and Jai Hind!

Regards

RUPESH MEHTA

CHAIRMAN & MANAGING DIRECTOR

DIN:01474523

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