Dear Valued Shareholders
Where do I begin? In my five decades of working life I have yet to come across a yearsuch as 2020 and I sincerely pray that this past year fades away as a distant memory forall of eternity. I would like to express my sincere gratitude for all our front-lineworkers (nurses doctors vaccine administering staff among a host of others) who haveworked tirelessly to deliver our safety while more often than not putting themselves inharm's way. Their commitment to their job community and nation has been a huge source ofinspiration for my team and I and we salute their gallant efforts in our fight againstCovid-19. In a similar vein I'm extremely grateful to all my colleagues and employeeswhose steadfast commitment to the organization has helped us successfully navigate anextremely taxing and trying period.
At PIX we've always harbored the notion that each and every stakeholder in ourorganization is part of our extended family. Therefore it would be remiss for me not topay my respects to those business partners/associates that we lost due to the virus maytheir souls rest in peace and their legacies live on.
2020 was a year for companies across the globe to shape up or ship out with survivalbeing at the core whilst battling a plethora of challenges in terms of availability ofmanpower tighter credit growth uncertainty scarcity of raw materials among others.Companies had to dig deep and truly introspect to find their X' factor which wouldnot only ensure their survival for the existing period but guarantee it for the years tocome. We were no different we challenged all legacy norms took some tough decisionsenhanced collaboration on each and every level be it with employees customers andsuppliers through the use of technology and grafted harder than ever before. ConsequentlyI'm pleased to report that in a pandemic stricken year your Company has delivered itsbest ever results both in terms of top- and bottom-line reporting double- and triple-digitgrowth respectively.
Moreover we took this opportunity to further strengthen our Balance Sheet bydeleveraging wherever possible so as to create enough cash reserves to mitigate anypossible financial hardships that might arise.
The aforementioned activities gave us the requisite confidence to embark upon a new Rs.60 crore capacity expansion project that will allow us to further augment our market sharewithin the Power Transmissions industry by offering an expansive range of high-qualityproducts backed by impeccable service and technical know-how.
However we're not yet "out of the woods" as we're dealing with the loomingthreat of a third wave so you can be rest assured that we will take all necessary steps tosafeguard the organization and continue delivering exceptional results for allstakeholders.
Please continue exercising abundant caution and take care of yourself and your lovedones!