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Marine Electricals (India) Ltd.

BSE: 535119 Sector: Engineering
NSE: MARINE ISIN Code: INE01JE01028
BSE 05:30 | 01 Jan Marine Electricals (India) Ltd
NSE 00:00 | 01 Jul 27.50 -0.30
(-1.08%)
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Marine Electricals (India) Ltd. (MARINE) - Chairman Speech

Company chairman speech

Dear Shareholders

I am pleased to share with you on behalf of our Board of Directors anupdate on your Company's performance for 2020-21. The year saw a challenging businessenvironment with lower GDP on a backdrop of sluggish global economy. The period leading upto the lockdown and the subsequent stoppage of all economic activity due to the Secondwave of coronavirus pandemic from March end has adversely affected your Company'soperations in late FY 202021 as well as the better part of Q1 FY 2021-22. We do expect theimpact to ease during the second quarter though normalcy may be restored only duringsecond half of the fiscal. Against this backdrop your Company has delivered competitiveprofitable and responsible results.

India plans to spend $130 bn on military modernisation in the next 5years as achieving self- reliance in defence production is a key target for theGovernment of India. The Government has opened up the Defence industry for private sectorparticipation to provide impetus to indigenous manufacturing. Further simmering tensionsalong our northern border have hastened our governments resolve to enhance self-reliance.This has provided your company with many new opportunities to increase our productoffering and solutions to our clients. The results are seen in our order book positionfrom Rs. 4017 million at end of FY20 to Rs. 4410 million at end of FY21 with the increasein portfolio of products to our customers we anticipate a further increase and robustorder booking for FY22 as well. Our continued focus on R&D on new product developments& indigenisation and product and solutions improvement should help us in maintainingour sales revenue and order book position growth

India's march towards energy-efficient urbanisation and ruralelectrification will continue owing to the Government's continued focus to driveelectrification. In addition the relentless drive of the government to provide anattractive alternative for multi national companies to set up manufacturing facilities inIndia with a continued ease to conduct business has seen many new green field projectsbeing set up. The governments push to improve infrastructure like new airports hospitals educational institutions all over the country has opened up a huge opportunityfor your company to provide it industrial solutions to these projects. Your company isalready a prominent pan India player in providing electrical and automation solutions toour customers.

India data center market is poised to emerge as a potential data centerhub for global enterprises. While the number of Internet users is closing 450 million andshows no signs of abating the continued adoption of the latest technologies has triggeredthe demand for data storage. Favorable initiatives being pursued by the Government ofIndia toward the establishment of data centers is expected to play a decisive role indriving the growth of the data center industry in India. The data center market in Indiais getting lucrative in terms of investments particularly owing to the initiatives beingpursued by the Indian government to migrate all the governance operations to the cloud aspart of the efforts to push a digital economy and encourage e-governance. Your company hasbeen providing critical power solutions to major players in the industry and is apreferred partner with many prominent data center operators in the country. With a strongresurgence in our core business your company has taken a conscious call to focus on itscore activities and would be not to participate in turnkey EPC solar projects due touncertainty of policies and profit recognition.

With a strong engineering and R&D capability your company hasinvested in developing a complete range of EV charging solutions indigenously. We see agreat future and explosive growth in Electric vehicles in India and world wide. Thisbusiness will open a completely new and exciting revenue stream for your company.

People continue to be the fulcrum of your Company's operations andfocused attention is given to retention and professional development of talent at alllevels. The top management devotes considerable attention to ensuring that employees aregiven opportunities for professional development and are able to grow along with thebusinesses they work for.

I thank all our stakeholders for their continued support. Goingforward we see immense growth opportunities with support from conducive policies. We havecreated enough growth engines and made necessary investments to be a part of thisresurgence. From an organizational standpoint we are well-prepared for the coming decadeand to create value.

Yours Sincerely
Mr. Vinay Uchil
Chairman and Executive Director

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