The new fiscal brought with it opportunities for Nuvoco to continue showcasing itsperseverance and strength amidst challenging circumstances. The resilience and agility ofour business model stems from our ability to be at par with changing consumer preferencesmotivating us to continuously innovate and create exceptional solutions.
Fiscal year 2019-20 marked another step forward in our Company's transformation - toinculcate an innovative approach and secure our future.
The year under review was marked by multiple challenges in the global as well as Indianeconomy. Global economic growth softened amidst rising trade tension between the US andChina geopolitical tensions and subdued investment growth across all regions. Furtherthe Indian economy was impacted by muted consumer demand decline in Index of Industrial
Production (IIP) output and weakened investments in the private sector. In early 2020the COVID-19 outbreak further complicated the situation. As the pandemic wreaked havocaround the world lockdowns were imposed causing severe disruptions across supply chains.
The cement industry however showed resilience despite multiple challenges. It hascontinued to grow at a sustained pace over the past few years on
account of increased investments in the infrastructure space. With an aim of makingIndia a USD-5-trillion economy by 2025 the government continues to focus oninfrastructure development. The building materials industry plays a pivotal role inIndia's infrastructure growth and with major initiatives like the Smart City projectsPradhan Mantri Awas Yojana (aimed at offering affordable housing for all by 2022)construction and repair of roads bridges highways and development of industrial hubs indifferent parts of the country the sector remains poised to witness an upward trajectoryin the days ahead.
At Nuvoco we keep abreast with changing industry dynamics to carve a unique identityas a manufacturer and supplier of truly innovative products and solutions. Our productshave been widely accepted by the industry and have enabled us to sustain growth as well ascapitalize on emerging opportunities.
During the year under review we continued to strengthen our market share resting onstrategic interventions and zeal to incorporate innovative ideas across operations.
Our robust financial performance over the years is a testimony to the strong businessfundamentals that drive us to explore newer avenues of growth. We follow customer-centricbusiness practices whereby we remain focused on delivering products that are attuned tothe needs of the market and new-age construction. Additionally our relentless efforts toreduce the environmental impact of our operations are reflected in our ability to designsolutions that ensure sustainability and encourage responsible procurement methods.
Our innovative product pipeline consisting of Concreto Green which uses up to 25%less water the Duraguard range of cement and Xlite Structural ready-mix concrete productshave enabled us to introduce smart and enduring solutions for the industry. Guided by ourvision of Building a Safer Smarter and Sustainable World' we have constantlyformulated strategies and upgraded our product portfolio to deliver sustainable andinnovative products to our customers.
In FY 2019-20 we continued to build on our commitment to make distinctive and positivecontributions to communities in which we operate. We recognize that our approach tosustainability continues to underpin our future performances and accordingly weunderstand our responsibility to fulfil our duties with utmost care and compassion.
We aspire to ensure the wellbeing of communities as well as the environment through ourCSR activities encompassing the realms of health safety education livelihoodgeneration and infrastructure development. Our five CSR pillars of Surakshit Bharat(Safety) Swasth Bharat (Health) Shikshit Bharat (Education) Saksham Bharat (Livelihood)and Sanrachit Bharat (Infrastructure development) enabled us to reach close to two lakhspeople in over a hundred villages of India during the year under review.
Recently the COVID-19 pandemic has caused severe distress around the world. At Nuvocowe are prepared to overcome hurdles and have strategically adapted to a new normal';implementing adequate measures to resume operations after the lockdown. The safety andsecurity of our people has always been our prime concern and we have introduced stringentsafety measures across the organization to ensure that. Despite the hardships caused bythe pandemic we remain optimistic about positive business growth and continue to step upefforts to overcome the initial hurdles it posed.
We believe in the strength of our team and recognize that our progress is a result ofthe collective efforts of our people. I would like to take this opportunity to express mygratitude towards each one of our employees the management and leadership for theirinvaluable contribution and the resilience demonstrated in the face of adversity.
As we look ahead with enthusiasm and confidence to deliver our best we seek to fortifyour strategies and stay focused on building a distinctive identity in the cement industry.I believe an exciting future awaits us dotted with multiple opportunities to grow andthrive.
I extend my most sincere appreciation to all our stakeholders for their continued faithin the Company.
Your support and encouragement is pivotal in our journey to create a safer smarter andsustainable world.