Dear shareholders Our resolve to consistently focus on operational excellence enablesus to demonstrate a resilient attitude that allows us to successfully tide through anycrisis. At Orient Cement our distinctive approach sets us apart.
FY 2020-21 has been unlike any other witnessed in recent memory. While the pandemicdisrupted lives as well as businesses across the world as a company with strongfundamentals we emerged successful with an overarching focus on business continuity. Thejourney through the last year was not smooth. We started off with zero capacityutilization in the early days of first quarter and managed to exceed our rated capacity inthe last few weeks of the year. Your Company demonstrated a strong rebound in revenues andoverall profitability driven by a strong focus on prudent cost and cash management andinnovative structural reforms.
To overcome challenges we focused on optimising costs and maximising cash generation.Your Company achieved this with several measures directed across processes that deliveredthe results we aspired for. As macroeconomic factors remained beyond the control of theorganisation we strategically planned to leverage our operational strengths.
With noticeable demand upswing in the latter part of the year fuelled by theshort-lived respite from the first wave of Covid-19 as well as resumption ofinfrastructure projects demand for cement rebounded.
Your Company serviced the buoyant demand leveraging its strong connect with thecustomers and channel partners. The team channelised its resources across supply chainnetwork strategically to ensure quickest product delivery.
The demand from rural regions improved substantially and we achieved volume growth forour products towards the end of FY 20-21. Besides your Company maintained its focus onmarketing superior quality cement to create distinct value in the space. Your Company'spremium product Birla.A1 StrongCrete' has continued to show progressive growth overthe years validating our conviction to create a product with a difference and improve ourmargin growth.
Your Company also strongly believes in prioritising the health and safety of itspeople. Not only did the Company look after the overall well-being of its employees duringthe pandemic it also took all the necessary measures possible to ensure safety atworkplace. As a responsible organisation your Company also remains deeply committed tofulfil its environmental obligations. Your Company has made significant strides towardsits commitment on ESG goals and strengthened its focus on being a sustainable entity.
I am pleased to report that every team member from our top leadership to our operatingworkforce identifies with our vision mission and values and contribute towards theirrealisation. The Company continues to provide platforms for the holistic development ofemployees through innovative collaborations and engagement initiatives that keep peoplemotivated and focused.
The Company is adapting to a New Normal' becoming smarter and sharper tofurther its competencies as an agile enterprise. We are also optimistic about expandingour capacity to 11.5 million tonnes by FY 24 and further to 14.5 million tonnes soonthereafter. To achieve this objective we have intensified our focus on deleveraging thebusiness and built a robust balance sheet. We now look forward with great enthusiasm tounlock greater value for all our stakeholders and capitalise on opportunities to buildOrient Cement of tomorrow.