It gives me great pleasure to welcome you to Repro India's Twenty-Eighth Annual GeneralMeeting.
ThE yEAR IN PERSPECTIVE
The last year has been extreme in so many ways. A never-seen-before virus with a deadlyimpact hit just about every corner of the earth. Every person every business and everyindustry all over the world has been taken completely unawares. The pandemic that peoplethought would last just a few months has stretched across almost two years. Manyorganisations and educational institutions have remained closed through this entire periodwhile businesses have had to quickly re-define themselves. And people have had to get usedto the new normal.
Rising to the challenge
Your Company took early steps to tackle the situation and rose to the challenge posedby the pandemic. Recognising the devastating impact that COVID-19 has had on families andbusinesses we outlined key strategic tasks that would help us tide over this period andmitigate the impact of COVID-19. Responding to a highly dynamic situation that waschanging quarter-to-quarter we course corrected as the year progressed. Our first taskwas to ensure the safety of our people and families. Next we ensured the stability of ourbusiness as well as financial stability through consolidation. We also focused on ourcustomers both to secure existing business and offer solutions that helped them tide overthis phase in their businesses too. And lastly we focused on enhancing our facilities.
A silver lining the e-commerce revolution
In the midst of the gloom we saw the silver lining in the purchasing behaviour ofcustomers. Increasingly we are seeing people getting accustomed to the e-commerce model.Everything from groceries to white goods to just about every kind of service can beaccessed at the click of a button. Books are no exception.
Though schools and higher education institutions have remained closed for most of theyear and many publishers have had to put their publishing plans on hold at the otherend purchasing of books online has grown significantly. This is a good sign for yourCompany's print-on-demand business model. And this is where we saw the silver lining. focusingon strategic tasks to manage the impact of COVID-19
We diligently followed the strategic tasks we had laid out in order to tide over thisperiod while also staying prepared for a post-COVID demand. The first was to ensure thesafety of our people which was done through multiple pre-emptive measures. We formed aCOVID-19 committee with a 24 hour hotline for our people to access when they needed help.We also made arrangements for key technical staff to stay near the facility. This helpedensure that all through the pandemic the facility functioned optimally. With a focus onrole optimisation we were able to drive efficiencies. We utilised this period tostrengthen our technology and processes. The high-end POD facility at Haryana that hadalready been initiated was further streamlined. We acquired and put into place the latesttechnology and systems that have driven efficiencies existing facilities in BhiwandiMaharashtra this new facility will further widen the range and scope of books on demand.
Mitigating the impact through financial prudence
We looked at this period as an opportunity in disguise. We used the various lockdownsto trim the flab review people's roles and responsibilities and also reduce overheads. Byre-negotiating contracts too we have been able to achieve greater cost efficiencies. Acompany wide collections focus ensured that we collected large amounts due to us. This hashelped bring down our debt and interest costs significantly enabling a healthier cashflow. Am happy to inform you that the last quarter has seen your Company become cashpositive. All these measures have made more monies available to invest in peopleprocesses and technology.
In terms of business too this was a good time for us to focus on onboarding morepublishers. By archiving a greater volume of content on our digital archives from existingand new publishers we are prepared for the newer opportunities that will come our way.
Strengthening the pillars of growth
We recognise that long though it may take the pandemic will be over. With vaccinationsbecoming more easily available we expect that there will be a new growth potential. Thusour strategy has been to use this period effectively by building resources. The e-commercerevolution as we have seen is here to stay. As schools and higher educationalinstitutions open we are getting geared to be ready to meet the demand. In addition toour existing one-book model we are also effecting multi-channel innovations like B2Bportals to further improve sales. By recruiting highly skilled people focusing ontechnology and remaining close to our various customer segments as well as focusing onspecific product segments such as the higher education and the international POD segmentetc. we have laid the ground for improved margins. Strategic channel tie-ups are ensuringoptimum pricing to customers.
Poised to unlock the potential
The experienced the slowdown that much of the world is witnessing we also see theopportunity that will undoubtedly open up once the pandemic is under control. We areconfident that the measures we have taken during this period will stand us in good steadin the coming year. And we will be poised to unlock the potential that has been built upduring the last two years. As we bid farewell to a year that has been a roller coasterride and enter a new one with renewed focus and hope I would like to thank each of youfor your support through these troubled times. My best wishes are with you and yourfamilies for staying safe and healthy. I look forward to your continuing support in thecoming year as well.
|Thank you |
|Vinod Vohra |