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Ridings Consulting Engineers India Ltd.

BSE: 541151 Sector: Others
NSE: N.A. ISIN Code: INE314Z01014
BSE 00:00 | 15 Sep 19.45 0
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19.45

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NSE 05:30 | 01 Jan Ridings Consulting Engineers India Ltd
OPEN 19.45
PREVIOUS CLOSE 19.45
VOLUME 24000
52-Week high 23.00
52-Week low 12.00
P/E
Mkt Cap.(Rs cr) 24
Buy Price 18.50
Buy Qty 8000.00
Sell Price 19.50
Sell Qty 8000.00
OPEN 19.45
CLOSE 19.45
VOLUME 24000
52-Week high 23.00
52-Week low 12.00
P/E
Mkt Cap.(Rs cr) 24
Buy Price 18.50
Buy Qty 8000.00
Sell Price 19.50
Sell Qty 8000.00

Ridings Consulting Engineers India Ltd. (RIDINGSCONSULT) - Chairman Speech

Company chairman speech

My Fellow Members

It is my honour and privilege to interact with you as the Chairman ofthe Board. On behalf of Board it gives me great pleasure to welcome you to 24thAnnual General Meeting of your Company "RIDINGS CONSULTING ENGINEERS INDIALIMITED". It has been a tumultuous year for us. The sudden demise of my father andour Managing Director Mr. Sain Ditta Baveja was a shock to all of Ridings family. He wasthe energy source of the Company which was fuelling its ambitions to reach the zenith. Hispassing created a void which impacted the Company from top to bottom none had expectedsuch incident to occur especially me.

As the saying goes "the show must go on" we at Ridings aretrying our level best to come out of this shock and fulfill my father's dream to makeus leaders in Geospatial Data Creators. The pillars of our strong foundation includestechnological advancements geographical expansion optimally scalable operations andstrong customer relationship.

The aim is to recognize our accomplishments during the Financial Year2018-19 and to share with you our outlook and plans for the future. I am gratified withthe continued growth of market share in the arena of SMART CITY & AMRUT city project.I am more excited about the pace and scale of execution that our Company is undertaking tofulfill our unwavering aim of creating long-term shareholder value. In a state of flux inthe economies across the world we maintained capability to demonstrate a strongperformance on the strength of our in-house innovation and engineering capabilities withconstant cost discipline.

We closed the financial year 2018-19 with a negative bottom line and aflat top line taking the hit due to risings cost and extra provisioning on account ofvarious provisions and costing.

India's Geospatial Industry is highly diverse and with theemphasis on SMART CITIES AMRUT CITIES and Infrastructure development in general. Theallocation of funds in Union Budget for development of SMART cities has paved way foropportunities which we were anticipating after introduction of the SMART city concept.This concept is still in its nascent stage across the nation and the foundation of whichrequires our expertise. The SMART CITIES Board have fast tracked their approach towardsthe pending projects pan India and with government sticking to its aim of making 99 suchcities on priority basis it should be a boost for the ailing industry and shall generateemployment at a rapid pace.

With ever slowing economic growth no concrete reforms in sector inreference to statutory approvals and controls ever changing GST rules and regulationsregime further fall in customer and investor sentiments increased cost specially financecosts and no credible pick-up in sales financial year 2020 is going to be very tough andchallenging for the company. We hope to achieve profitable results this financial yearamid these rising challenging and bring back the Company on track to profitability.

I would like to thank our wonderful team for their sincere effortsconsistently to help us achieve the earmarked growth targets. We believe that our team isthe driving force behind our success story and our pursuit of excellence across functionsand departments. We have been investing in our human capital to inculcate and improveleadership qualities for individuals as well as organizational growth.

In the year ahead the business environment will continue to remainchallenging and competitive intensity is likely to remain high. With our purpose drivenproducts passionate employees and your continued support I am confident that we willcontinue to deliver growth that is consistent competitive profitable and responsible. Iexpress my gratitude to all the stakeholders for their continued trust in our long-termgrowth story. I look forward to your continuous support to scale new heights of success infuture as well.

Before I conclude I am thankful to all our Stakeholders our Bankersour Investors our vendors and most importantly our customers for their trust and faithand looking forward to your continued support and best wishes.

Thank You
Praveen Kumar Baveja
CEO & Whole Time Director

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