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S & S Power Switchgear Ltd.

BSE: 517273 Sector: Engineering
NSE: S&SPOWER ISIN Code: INE902B01017
BSE 15:12 | 08 Dec 22.50 0
(0.00%)
OPEN

22.50

HIGH

23.60

LOW

22.00

NSE 00:00 | 05 Dec 22.35 0
(0.00%)
OPEN

23.50

HIGH

23.50

LOW

21.45

OPEN 22.50
PREVIOUS CLOSE 22.50
VOLUME 4234
52-Week high 37.95
52-Week low 20.00
P/E
Mkt Cap.(Rs cr) 14
Buy Price 90.60
Buy Qty 880.00
Sell Price 93.80
Sell Qty 200.00
OPEN 22.50
CLOSE 22.50
VOLUME 4234
52-Week high 37.95
52-Week low 20.00
P/E
Mkt Cap.(Rs cr) 14
Buy Price 90.60
Buy Qty 880.00
Sell Price 93.80
Sell Qty 200.00

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

Company chairman speech

Fellow shareholders

Welcome to the S&S Annual General meeting…

Across the world COVID-19 continues to disrupt supply chains and lives. Luckily sofar we have been able to keep our team safe and our business fairly intact although athigher costs. At the end of August more than 95% of our colleagues had been vaccinated andthose left out had a genuine medical reason for it. In fact across India the vaccinationprogram has gathered full steam and promises to give our country some protection from thisdeadly virus.

At our facilities we continued to keep strict safety measures in terms of maskingsocial distancing and sanitizing. Wherever there were people falling ill we did activetracing and isolating. We actively discouraged travelling and interacting with outsiders.All this caused disruptions and costs but we believed that the safety of our people wasparamount. We truly believe that we are amongst the fortunate ones who were able to staysafe and feel really sorry for those who suffered in their health and wealth. In our smallways we have tried to help them to the best of our ability but nothing we can do toreplace their pain. Our prayers go out to them and the many others who have been infectedacross India and the world.

Operationally our businesses did much better than the previous year with consolidatedincome rising to 1316 million from 917 million a growth of 43% and the loss of 157million reducing to a loss of 17 million. In India the business revenue went from 325million in the previous year to 442 in the year 20-21 and the loss came down from 134million to 23 million. In the UK our revenue went up from 592 million to 874 million andthe loss of 24 million got converted to a small profit of 6 million. The loss isdisappointing but in the circumstances with losing about 2 months of productive work andfacing disruptions and cost escalations in the price of commodities we think it's areasonable outcome.

We believe that business models in the world will continue to stay disrupted for somemore time. We as a company have continued to focus on supplying high quality equipment atbest costs to counterparties who we are comfortable with. Our focus on export markets havecontinued with our Indian business now actively exporting to 40 countries in the world. Inthe last year in spite of travel restrictions we have added a few international customersto our list. This process is slower but because of this we have survived whereas many ofour mid-sized contemporaries in India and the UK have suffered and perished. We believethat our above-mentioned positioning will bear fruit and would have showed us betterresults by now had we not been affected by unprecedented disruptions like COVID Brexitand the like.

We have used this time to strengthen our organizational capabilities by investing inpeople improving our range of products and services and in our IT infrastructure. Thisalong with constant cost rationalization better working capital & contract managementand focus on customers will continue to be the core improvement areas for the years tocome. Our shares are now being actively traded and we will hopefully complete there-organization of our businesses to simplify the structure.

We have survived these most difficult of times done our business honorably and willstrongly believe in the future of our company. We are going through really challengingtimes and to keep our heads and hearts straight and motivated is critical. It is equallycritical to communicate clearly and completely. Our values of Integrity Humility andPassion will continue to be the way we run our lives and our businesses and deal withsociety 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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