These are extremely difficult uncertain times. In such a time I hopeand pray for the safety of all our shareholder members and their families. Additionally Ihope that you and your family members are safe and following all safety protocolsprecautions and guidelines in days of these crisis. With the second wave hitting Indiahard it becomes extremely important to take all necessary precautions and adhere to theGovernment's guidelines as this is the only way we can protect ourselves against theCoronavirus.
FY21 was an extremely challenging and difficult year for all of us. Youare aware that the COVID-19 pandemic raged across the world. In India we saw the fiscalbeginning on a cautious note as the country was under a lockdown. This saw mass exodus ofthe migrant population from the cities. The other issue related to the lockdown (andspecially the first quarter of the fiscal) was the plummeting demand for products andservices. It was an extremely tough quarter for us as well and we reported a quarterlyloss of on the operational front something that we have not seen in a long time. A lookat the auto industry numbers gives a sense of the challenges we were facing.
According to data from the Society of Indian Automobile Manufacturersthe automotive industry saw a whopping decline of 79% in its Q1 numbers. While theindustry did see demand revival in in the subsequent quarters it still could not avoid acontraction in the numbers and posted a 13.6% decline for FY21 over its previous year.Each segment in the industry bore the brunt of the pandemic. The Passenger Vehicle segmentwas down by 2.2% with a total sale of 2.7 million units as compared to 2.8 million unitsfor FY20. A clear slowdown of economic activity and other issues played up for theCommercial Vehicle segment which continued to show a year-on-year decline in FY21 of20.8%. The volume driver for the industry Two wheelers and Three wheelers accounting forover 80% of the total units sold in the country saw negative growth of 13.2% and awhopping 66.1% respectively for the year. Despite these challenges and uncertainties I amdelighted to report that your Company closed the fiscal with a top line of Rs. 23679million with growth of 6.5% and a net profit of Rs. 935 million from continued operations.
However we do not look at such a bounce back from a quarter or twoperspective. It is a testimony of our culture of resilience and optimism where we havelearnt to treat challenges as opportunities. We have narrowed our focus and have deepenedour capabilities as I think this will help us create value for all our stakeholders. Wehave been working on three aspects - Enhancing the Core Technology & Digitizationand Customer Centricity. Each of these focus areas implies that we are working on buildingdeep capabilities in what we consider the core of the business. For instance withEnhancing the Core' we are working on getting the Cost leadership position inoperations we have a greater focus on ensuring manufacturing excellence and sourcing;improving working capital employee cost and raw material cost; ensuring that the WiringHarness division get closer to double digit
EBITDA margin etc. Similarly with Technology and Digitization we aretalking about being a thought leader in technology filing more patents and creating IPsand the Company's acute focus on Light weight Safety Connected Electronics and EVto name a few. With Customer centricity we are stressing on early engagement which willresult in resolving the pain areas of our customer. Increasing kit value by way orpremiumization of product or adding new product for the need of the customer is what theCompany focus is.
Our focus on employees has helped us to build a stellar team emphasison developing our R&D talent pipeline and leveraging various platforms for learningand development is ensuring that our people are ready for whatever the environment throwsat us. The second focus area - customers - the reason why we exist. As we attempt tofulfil the current demands of our customers we are preparing ourselves to anticipate andaddress their future requirements. Customer outreach plays an important part in our thisobjective and remains a crucial element for all our verticals and the pandemic year was nodifferent. Infact for FY21 we leveraged technology to the hilt and doubled the number ofcustomer interactions as compared to any normal year.
Despite the difficult conditions I am very pleased that we as aleading Auto Ancillary Company have risen high to collectively support our Company andour Customer last year. We have got the strategic investor PHI Capital. PHI Capital hasindustry stalwarts on their advisory board from the auto sectors. We can leverage thewealth of these industry stalwarts to support Minda Corporation in identifying possiblevalue creation opportunities improvement in performances and help us in the long-term tocreate sustainable values. We also signed a Technical Licensing Agreement with RideVision a leading ADAS (rider assistance systems) solutions company from Israel. This willbring range of Artificial Intelligence-enabled Collision Avoidance Technology (CAT)products for the Indian two-wheeler market that can make roads safer in India.
I am personally invested in the work that we do for our communities. Itis something which is close to my heart and I am proud of the work that the teams aredoing to empower the communities and support people with disabilities. During thefinancial year we continued with our multiple programmes around Education and LivelihoodPromotion Empowerment of Persons with Disability Healthcare Community Infrastructureand Environment. We continued to be recognised for the stellar work being done with thecommunities and were honoured as the Company was the 1st Runner Up for the categoryBest Employer for PWDs' at the ASSOCHAM's Diversity and Inclusion Awards2021.
With the second wave hitting India and threatening the rural hinterlandalong with talks about a possible third wave the year ahead will be uncertain andchallenging. However crisis or no crisis I am confident in Team Spark Minda. I amconfident of our people and their ability to deliver innovative and best- in-classproducts and solutions to our customers. While we will
continue to streamline our cost structure we will ensure investment inR&D brand building digitalisation and building capability internally. We are readyto take on any challenges!
I take this opportunity to thank each one of you for continuing tobelieve in our vision and work. Equally I like to acknowledge the contribution of all ouremployees network and business partners and customers for reposing faith in MindaCorporation and actively working for our combined success.
Regards Ashok Minda