We strive to build a strong and innovative product pipeline increase operationalmargins focus on branding and grow our visibility in both domestic and foreign markets.
In common with all organisations the global pandemic has generated an unprecedentedlevel of disruption to our businesses. In FY 21 our results were decimated by one of thesteepest sales declines in the history of our industry when most of our customers andfacilities operated either at a limited capacity or were completely shut down for varyingamounts of time. To address rapidly changing conditions we quickly implemented strategicinitiatives to protect our people support our customers and stabilize the business atthat moment as well as strengthen it for the long term.
A discussion of our financial performance can be found in Boards Report & MDAsection of the Annual Report.
In line with Company's growth strategy and cash-generative characteristics the boardhas recommended dividend of 30% per share.
In the second half of FY 21 US countertop industry recovered faster than our industryexpected. People spent more time in their homes due to the pandemic and shifted disposableincome from travel entertainment and leisure activities to home improvement projects. Theoffice hospitality and retail sectors have remained under pressure due to Covid whichkept commercial countertop demand depressed due to business investments being postponed orcancelled. Even as order rates increased our manufacturing levels continued to beimpacted by government restrictions Covid-related disruptions and employee absenteeism.
In March 21 PESL commercialised operations at its new unit which we believe is theworld's most technologically advanced quartz facility. Through state-of-the-art automationat this new unit PESL would be able to develop more sophisticated visuals such as luxurymarble looks to distinguish our products and improve our margins. From a long-termperspective this expansion should make the Company stronger more diversified and moreprofitable. Looking ahead we strive to build a strong and innovative product pipelineincrease operational margins focus on branding and grow our visibility in both domesticand foreign markets.
The talent and dedication of our people drive our business. In FY 21 our teampersevered under unique challenges supporting our customers through an unprecedentedperiod while keeping one another safe.
In FY 21 we took essential steps that steadied our company through the pandemic andwe are now poised to reap the benefits of those initiatives in FY 22 and beyond. Weappreciate your continued support of the business as we work to deliver the best possiblereturns for the near and long term.
Thanks and Regards
Gautam Chand Jain
Chairman & Managing Director