While the speciality chemicals industry is trying to sail throughthe transient impact of global macroeconomic conditions and geo-political shifts it'sfacing various challenges. However it is anticipated to clock a solid long-term growth infuture.
Concurrently our Company also faced several fiscal challengesduring last few quarters which impinged our growth curve.
We have been facing liquidity crunch since last two years whichhas affected our operating cycles resulting into decline in our revenues duringFY2017-18.
Over the last few quarters our Company registered a dip in salesand overall profitability which created impediments in our new product developmentcapacity utilisation and R&D initiatives.
In order to mitigate the impact we are actively in the processof addressing our working-capital issues through proper dialogue with our bankers as wellas through infusion of suitable equity which will help our company to step up our salesgrowth in the future.
However on the business front our company is fundamentally in astronger position inspite of financial challenges. This is on account of our sustainablecost advantage robust new product
pipeline completion of product pricing corrections launch ofNext-Gen products and scaling up of our global footprint.
We have evolved our business innovations which will prompt atransformation in the near future. Our company has also successfully focused on bolsteringour exports which has yielded desired outcome in the last couple of quarters.
We are confident to use this period to strengthen ourfundamentals and build newer capabilities. This transitionary phase has offered us anopportunity to drive-out inadequacies and builds new- age product capabilities andgeographical expansion.
We believe the promising product pipeline and strong research anddevelopment backbone represents key pillars for our Company and we anticipate they willdrive solid top and bottom line growth in the future.
Throughout the period our Company has constantly evolved to stayrelevant to meet the need of our customers and deliver value to all our investors andstakeholders.
In conclusion I wish to express my gratitude to our valuedshareholders for their continued and extended support. I also wish to reassure ourshareholders that we are committed to remain focused on building a sustainable andlong-term future while upholding our mission to foster stable and strong business module.
I assure you it will be a fruitful and rewarding journeytogether.
Pravin S. Herlekar Chairman & Managing Director