Progressing with fortitude and optimism
These are testing times and we need to stay strong and resilient untilthe impact of the pandemic gradually tapers off.
It is imperative for us to realise that the COVID induced pandemic isthe greatest human tragedy in modern history apart from the economic impact of it. Lossof lives as well as livelihood in the wake of the pandemic are the key challenges that theworld is facing today. This is the moment for all of humanity to come together and facethis adversity with our cumulative spirit and resilience. Empathy fortitude and optimismis what the world needs right now.
The grit determination and agility demonstrated by Team PCBL deservesto be lauded. Considering the constraints in the business environment the team workedrelentlessly to report a spirited performance.
Despite a 18% decline in revenue from Rs.3243.54 crores in FY20 toRs.2659.52 crores in FY21 PCBL reported a PBT and PAT of Rs.390.36 crores and Rs.312.27crores compared to Rs.350.84 crores and Rs.283.49 crores in FY20 respectively.
In spite of overwhelming business challenges our esteemed Board hasdeclared an interim dividend of '120.64 crores (@350% i.e. Rs.7 per equity share of '2each) on 20th January 2021 for the financial year ended 31st March 2021 and was paidduring the same quarter.
Against the backdrop of a challenging macro environment bulk orderswere cancelled and the entire industry was severely impacted. Besides various tyre andrubber manufacturing plants worldwide had to be shut down as the pandemic raged on.Similarly the automotive industry's nascent recovery at the beginning of FY21 wasderailed due to tepid consumer sentiment and disrupted supply channels.
However towards the second half of the year under review the scenarioimproved significantly. Manufacturing plants started opening up in a phased manner andconsumer sentiment improved which helped create new opportunities across the value chain.
Besides our very own cost rationalisation initiatives growing shareof value-added products and specialty blacks through research and innovation and improvedefficiency across all functions were supported by a resurgent automotive market. Thesefacilitated our comeback journey.
We undertook people-centric initiatives to ensure the safety of ourentire team and slowly but steadily resumed production in all our manufacturingfacilities maintaining the guidelines set by the Government.
Once the ground reality was under control our operation resumedseamlessly and the Greenfield and Brownfield projects were fast- tracked. In a bid towiden and strengthen our footprint and to ensure continued service to our internationalcustomers our teams were active in our key international markets such as Japan KoreaVietnam China and Europe among others.
During the year we also took initiatives to further deleverage ourbalance sheet and constantly monitored our liquidity position. Our priority was toprotect our business and safeguard our stakeholders.
We have always placed great emphasis on research and innovation andhave invested extensively in this regard. Our state-of-the-art Sushila Goenka Research& Development Centre in Asia and Sushila Goenka Innovation Centre in Europe haveemerged as the seeding ground for product and process innovation coupled with increasedefficiencies in all our manufacturing units.
We have embedded sustainability as a part of our broad strategicpillars and place emphasis on sharpening our Environment Social and Governance (ESG)focus. Guided by our Board of Directors we are working relentlessly on these strategicpillars and implementation of our sustainability policy. Ensuring the highest standards ofcorporate governance is our priority. We have received the Corporate Governance rating ofCGR2+ reflecting our strong commitment to good governance. We have also put in placetargets that are a testimony of our continued commitment to sustainability. As we movethrough the new normal our focus on sustainability and ESG remain strongest to the core.
While India battles the second wave of the virus we as a responsiblecorporate citizen are committed to support our employees business partners andcommunities. Our social responsibility goes beyond statutory obligations it is embeddedin our corporate culture. We have initiated several measures to help citizens in thisnationwide crisis.
I thank you all for your faith and continued support in PCBL.
Let us put up our best efforts to combat the crisis together.