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McNally Bharat Engineering Company Ltd.

BSE: 532629 Sector: Engineering
NSE: MBECL ISIN Code: INE748A01016
BSE 00:00 | 03 Feb 4.66 -0.24
(-4.90%)
OPEN

5.10

HIGH

5.13

LOW

4.66

NSE 00:00 | 03 Feb 4.50 -0.20
(-4.26%)
OPEN

4.90

HIGH

4.90

LOW

4.50

OPEN 5.10
PREVIOUS CLOSE 4.90
VOLUME 94638
52-Week high 10.24
52-Week low 3.10
P/E
Mkt Cap.(Rs cr) 99
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.10
CLOSE 4.90
VOLUME 94638
52-Week high 10.24
52-Week low 3.10
P/E
Mkt Cap.(Rs cr) 99
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

McNally Bharat Engineering Company Ltd. (MBECL) - Chairman Speech

Company chairman speech

DEAR SHAREHOLDERS

The last year went past like a storm with an unprecedented phenomenon witnessed bymankind. I address this 58th Annual General Meeting of McNally BharatEngineering Company Limited with this incident of Covid-19 as a caveat placed beforehumanity.

Prime Minister's Atmanirbhar Bharat initiative and Govt's geopolitical outlook placesIndia at the foci of the world. The very fact that India is the most populous country inthe world after China the vaccination drive in India is being watched by the whole world.As the mutant of the virus got renamed as the "delta variant" the world watcheshow India deals with the situation. Your company has absorbed the impact of thedisruptions caused by the pandemic. My heartfelt condolences to employees and their dearones who lost their lives during this difficult times. Many of us faced the crisis offinding hospital beds reaching out to all contacts to get hold of oxygen cylinders anddrugs like Remdesivir to save lives as the 2nd wave took its onslaught. As the3rd wave approaches we have to take care of ourselves and our family by gettingvaccinated and keeping all caution.

No more is the economy thought separately from well-being of the citizen. As yourcompany operations got disrupted your company took all possible measures to keep the shipafloat. Work from home was adopted and our IT systems moved to the Cloud as a digitaltransformation strategy. Meetings were conducted on zoom with our clients. Despite allthese hurdles with great strategic innovation we were able to bag INR 1192 Cr. of ordersthrough Joint ventures. Our turnover took a hit due to the various internal and externalfactors but your company did attain marginal profit in the last quarter. I take this as asign and the first sprout towards revival.

The debt restructuring plan has progressed with support of our lenders and we are atthe verge of getting it approved by the 2nd quarter of this financial year.Debt restructuring is extremely crucial for your company to get back on the sustainablegrowth path. Having said that I must say that the human will stands witness to all oddsencountered in time and it is not the result but the spirit with which the odds are facedthat determines the strength of the person and the organization. Your company has showngreat resilience during these times and against all odds has managed to finish all legacyprojects and bag new ones.

Steps to transform the company to undertake challenges in the coming days have beeninitiated. Our focus is to maintain our competitive advantage improve shareholder's valueand regain market confidence. As your competitors and the market watches I must say thereare few who have the presence like your company in mineral processing ports powersolar water treatment and infrastructure projects.

I reiterate with our previous track record in-house technology existing product lineand capability to augment new services and products your company can attract best talentsin the industry and become the preferred name in the market.

Finally I take this opportunity to express my sincere thanks to all stakeholders withspecial mention to employees who have stood by and supported the company during thesedifficult times.

Aditya Khaitan

Chairman

.