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S & S Power Switchgear Ltd.

BSE: 517273 Sector: Engineering
NSE: S&SPOWER ISIN Code: INE902B01017
BSE 00:00 | 09 Sep 26.60 0
(0.00%)
OPEN

26.60

HIGH

26.60

LOW

26.60

NSE 00:00 | 17 Sep 25.55 1.15
(4.71%)
OPEN

23.25

HIGH

25.60

LOW

23.25

OPEN 26.60
PREVIOUS CLOSE 26.60
VOLUME 5
52-Week high 35.60
52-Week low 6.75
P/E
Mkt Cap.(Rs cr) 16
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 26.60
CLOSE 26.60
VOLUME 5
52-Week high 35.60
52-Week low 6.75
P/E
Mkt Cap.(Rs cr) 16
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

S & S Power Switchgear Ltd. (S&SPOWER) - Chairman Speech

Company chairman speech

Fellow shareholders

Last year I said that the year 2018-19 has been amongst the most difficult that I haveexperienced in the 30 years that I have been associated with S&S. However it seemsthat I was off the mark as 2019-20 was even worse. The economic situation especially inthe Indian Power sector continued to be badly affected and the spread of COVID-19 madelife very difficult for India and indeed for the entire world.

In India in addition to the lack of capital and confidence COVID-19 disrupted supplychains and lives. For us many customers were not able to inspect materials and takedelivery for goods made ready for them in Q4 of our financial year. In fact in some casesthe delivery has happened only in July/Aug of 2020 a good 5/6 months later. Obviouslythis has had a dramatic effect of our operations. More than anything of course was thatpeople were affected everywhere-our own colleagues and their families those of oursuppliers and many others in our eco system. Lockdowns caused disruption of supply chainsand the ability of goods and people to move about. To some extent our sympathies are withthe local administration who were clearly ill prepared to deal with this once in a centuryevent. I do feel that constant and complete communication by the powers that be andcreation of an apolitical task force to manage this would have helped the country dealwith this situation far better.

At both the facilities we created task forces to manage the situation encouraged andenforced ‘work from home' implemented and enforced better hygiene and sanitizationprotocols. Though we had huge disruptions and scares we have not had any misfortunewithin the any of our colleagues. However some of our colleague's families have beenimpacted as have been some of our contractors and suppliers. We have tried to help themto the best of our ability but nothing we can do can replace their pain. Our hearts goout to them and the many others who have been infected across India and the world.

Operationally the India business was very badly impacted by delay and deferment oforders from Bangladesh and Africa. Orders which were in the pipeline took much longer tofinalise and when they did and were due for deliveries in Q4 we got impacted byCOVID-19. We have also had to deal with being effectively closed for almost all of Q1 of2020-21. Obviously to cushion this impact especially in India we have had to cut costsand postpone many expenditures that were planned. In my opinion assuming we have lost 4months of productive work we will be able to salvage half of the losses incurred bybetter cost management. The good news is that our order book is good and we think we haveenough traction with our customers to have a reasonable year provided there are no moremajor disruptions.

At Acrastyle UK we have done better though the last two months of the FY wereimpacted by COVID. Here we must acknowledge the prompt action by the UK Govt insupporting businesses through furlough and working capital support schemes. They weretransparent and efficiently implemented. Internally a more responsive management of thecompany resulted in better customer engagement and better orders. Though we have alsostarted the next FY with a better order backlog the months of April and May were impacteddue to COVID. Another piece of good news is that we have settled better terms with thePension regulator for the next three years. In summation were not for COVID two of ourbusinesses i.e. Acrastyle UK and APIL India would have had better years than theprevious one and are well positioned for the coming year whereas the disconnectorbusiness had a very poor year though this year looks better in spite of COVID. In themidst of all this our SAP system has gone live and the suspension of trading of ourshares in the stock exchanges has been revoked. We will progress and hopefully completethe re-organization of our businesses to simplify the structure. All of this is because wehave confidence and desire to become a better company for our customers suppliersemployees and shareholders Our fundamentals continue to be to do business profitablyfairly and with good customers to keep working capital tight develop our people andsystems and work within our means. Our values of Integrity Humility and Passion willcontinue to be the way we run our lives and our businesses and deal with society.

I thank you for your support and patience and am personally grateful to all ourcolleagues in India and England for their sincerity and to our Directors for theirguidance.

Thank you and God bless

Ashish Sushil Jalan Chairman

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