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NRB Industrial Bearings Ltd.

BSE: 535458 Sector: Engineering
NSE: NIBL ISIN Code: INE047O01014
BSE 00:00 | 01 Jul 19.45 -0.10
(-0.51%)
OPEN

19.50

HIGH

19.50

LOW

19.45

NSE 00:00 | 01 Jul 19.50 -0.20
(-1.02%)
OPEN

20.50

HIGH

20.50

LOW

19.30

OPEN 19.50
PREVIOUS CLOSE 19.55
VOLUME 200
52-Week high 34.80
52-Week low 17.20
P/E
Mkt Cap.(Rs cr) 47
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 19.50
CLOSE 19.55
VOLUME 200
52-Week high 34.80
52-Week low 17.20
P/E
Mkt Cap.(Rs cr) 47
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

NRB Industrial Bearings Ltd. (NIBL) - Chairman Speech

Company chairman speech

Dear Shareholders

The past year as brought extraordinary challenges to both the Global Economy and NRBIndustrial Bearings. The global economy grappled due to the outbreak of Covid-19 Pandemic.

It has been the challening year in terms of economic performance in India since1950-51 with an estimated annual contraction of 8% in GDP 2020-21. This degrowth can beattributed to the effects of the economic slowdown caused by the coronavirus pandemic andthe cascading effect of lockdown restrictions domestically and globally.

The economy started recovering with the easing of restrictions post hard lockdown inthe second quarter which narrowed the contraction of GDP to 7.5 per cent. By end ofDecember 2020 India's GDP re-entered the growth territory which was large improvement froma 24% GDP contraction in the first quarter to a 0.4% growth in the third quarter of theyear.

The agriculture sector which is one of NIBL's target markets was the one of theminimally effected sector by the pandemic and is expected to grow at 3%.

The IMF has projected an impressive 12.5 per cent growth rate for India in 2021 whileS&P Global Ratings has said the Indian economy is projected to grow at 11 per cent inthe current fiscal. But 2021-22 unfortunately isn't beginning well with restrictionsimminent on account of the ongoing second wave of infections economic recovery seems tobe sluggish. The devastating impact of the second and the deadlier Covid-19 wave is almoston the verge to hit the world economy once again. Growth prospects still remain highlyuncertain with new virus mutations and the accumulating human toll raise concerns even asgrowing vaccine coverage lifts sentiment. Until the virus spreads are contained and asubstantial proportion of the population has been vaccinated it may take longer to returnto sustained growth path. We hope the adequate availability and higher pace of vaccinationturns out to be a key to a return to normalcy.

To tackle the evolving market dynamics challenges and uncertainties your company hasbeen working on an agile strategy and is consistently working towards process efficiencyand rapid action to address the new demand environment. Thanks to our disciplinedmanagement process we continue to deliver strong and consistent performance even in themost challenging of conditions. Your company has registered 44% growth in FY 2020-21.

Your company is focused on customer growth metrics and has successfully added new OEMsand Distributors which contributed in the overall revenue. The current status of yourcompany's new order book in the pipeline from both domestic and exports customers isvibrant and healthy. Your company's focus is to build a strong global brand committed toour vision mission and core values.

As you are aware our vision is to be the leader in Friction Management in every marketwe serve for the betterment of our customers employees and shareholders. And our missionis to continuously create consistent value for our customers and supply chain partnersthat will maximize shareholder value and long-term earnings growth. If you look deeperyou will find that our success and accomplishments are founded on our commitment to ourshareholders.

During these critical times arising out of the second wave of Covid-19 our customers'business continuity is one of our key priorities. Our ability to adapt and rise to thecall of our customers reflects a core dedication towards them. Your company wants tominimize service disruptions impacts to their business by delivering the highest levels ofperformance availability and quality. Also your company strongly stands in solidaritywith the nation and are continuing all efforts to support the affected.

 

Note : The economic data numbers are taken from the articles published online byzeenews and hindustantimes.

Your company has been closely monitoring the status of this second pandemic outbreakand its potential adverse impact on all of us. Our team is geared up to put up the robustcontingency plan into action for business continuity. Our commitment to a better future– leading through all market conditions ensuring business continuity and drivinglong-term sustainability – is something we are passionate about for NRB IndustrialBearings and our customers.

One of the pillars of success is our internal team. They are the ones who serve ourcustomers and communities build the technology make the strategic decisions manage therisks determine our investments and drive innovation. Their safety and well-being is ourtop priority. Your company has implemented a number of preventative and precautionaryactions to ensure employee safety and continued service of our customers.

Our hearts go out to all who have been impacted by the virus with those who are sickto whom we extend our heartfelt wishes for a full recovery. With great gratitude we trulysalute the selfless healthcare workers around the world who are on the front lines workingtirelessly to care for people in need. We wish the world comes out from this disastersoon.

We are grateful to our clients for their trust to our employees for their persistentefforts and to our stockholders for believing in our strategy and its potential forcreation of value. We will do our utmost to realize that potential in 2021 - 22 andbeyond.

I am certainly eager for the day when we can all see each other again face-to-face.Until that time please be safe and stay well.

Warm Regards

Devesh Singh Sahney

NRB Industrial Bearings Limited

Chairman and Managing Director

(DIN : 00003956)

.