I feel fortunate to be able to furnish before you all our 26th AnnualReport. I wish to take you through the performance and the highlights of the year alongwith the Annual Report.
Globally the rapidly-evolving electrical equipment industry is offering excitingopportunities led by an inordinate interest around smart technologies. COVID-19 pandemichas ravaged the economic foundations of trade and is forcing an unprecedented socialeconomic and business response. It has fundamentally changed the way we live work andhas made Work from Home' Social distancing' and Higher technologyadoption' as the new normal'.
As the world deals with the spiralling effects of the pandemic we quickly tookdecisive action to respond to the unfolding challenges. We have been in constantengagement with all our stakeholders to understand and allay their anxieties. Ourcommitment to protect their interests in these tough times and updated them on the stepstaken to support them. Our timely efforts have been appreciated and further strengthenedour relationship with our channel partners.
In these tumultuous times we have strived to provide efficient consumer services. FY2019-20 was a period of significant external challenges even before the COVID-19 crisis.Weakening macroeconomic environment sectoral liquidity tightening and slowdown ininfrastructure segment impacted the demand for industrial products within cablesprofessional lighting and switchgear. In addition muted consumer sentiment impacted thedemand for electrical goods.
As a Company our focus will be on enhancing revenues and profitability and getting ourworking capital right. We have an ambitious target of growing our business and improvingreturn on equity. The single-most important factor that we believe shall enable us toachieve this will be capacity utilisation. We will be targeting to maximise shareholders'value and will continue with cost optimisation initiatives as well.
In closing while it is early to predict the severity of the pandemic fully I am anoptimist on mankind resilience to bounce back in the face of any adversity. Amidst all thedisruption and economic fallout there is an opportunity for us to expand our horizons andwe are committed to do that. I would also like to take this opportunity to show ourappreciation to our employees who individually and collectively make us a better andstronger organisation. As to our customers business partners and shareholders we lookforward to your steadfast support as we continue our path of sustainable growth and valuecreation. Thank you for believing in us and be our companion in this journey!