Scan Steels Limited believes in the strength of their aspirations and focuses itsefforts to help accelerate sustainable socio-economic growth. We are aware of thechallenges ahead but our conviction in the nation's long-term potential continues to bestrong.
It gives me great pleasure to welcome you all to the 27th Annual General Meeting ofScan Steels Limited. I would have very much liked to meet and address you in person butas you know we are holding this meeting over a virtual platform due to the prevailingunprecedented circumstances. I would like to thank you for sparing the time to join ustoday from wherever you are and for your continued faith in Scan Steels Limited and itsmanagement. I hope you and your family members are remaining healthy and staying safe.
As you know the Fiscal year 2020 started off as a promising year on all fronts wewere on track in terms of revenue growth & profitability until January 2020 when thecountry began witnessing early signs of the pandemic. In a manner of speaking FY20 endedabruptly and at the same time it became clear that the summer season as well as the restof FY21 would be challenging periods as well. As I speak the infection rate continues torise in several parts of the country but we are learning to live and work in the changedcircumstances.
The advent of a few lifesaving medicines provides welcome relief and there is hope thata vaccine will be available before the end of this calendar year. I must salute the spiritof the Government authorities healthcare workers police and the public in fighting thepandemic. I must acknowledge the understanding and support of our numerous customers onwhose trust we continue to evolve and grow.
I would also like to convey my appreciation to the employees of Scan Steels Limited aswell as its dealers business associates and vendors and their families for their laudableefforts in pursuing business continuity and their ongoing and relentless efforts towardsrestoring normalcy. With courage and conviction and diligence and determination theycontinue to contribute placing the Company's interests above their own. Their commitmentand sacrifices will definitely be recorded in the history of your glorious Company.
Q1FY21 financial results The Board of Directors in its meeting approved the UnauditedFinancial Results for Q1FY21. Much of the crucial summer season (Construction Season)sales were washed out under lockdown. Most project sites were not available for execution.
Things began opening up slowly albeit with restrictions only in the month of June.Understandably therefore the financial performance of Q1FY21 is impacted. With the goodmonsoon season being witnessed I expect economic activity to improve progressively fromnow on. Apart from big cities in Odisha our presence is strong in rural packets too andSHRISHTI TMT brand is always a household name in eastern India.
Apart from adjusting to the new normal and coping with intermittent lockdowns ourfocus continues to be on maintaining market leadership in our chosen geographical areas ofbusiness. Prudent capital allocation efficient cash management and a tight cost structureshall be our top priorities.
It is important for us to preserve our identity and leadership as a trusted by ourvalue chain partners both in B2B and B2C sales segments and to pursue profitable growthwith distinctly different and appropriate strategies that the businesses call for.
In the AGM I would like to tender my goodwill and thankfulness for the stakeholdersvalue chain partners and all employees of Scan Steels Ltd. The unstinted supports of allhave put us right picture throughout the year.
| ||Thanking you |
|Place: Bhubaneswar ||With kind regards |
|Date: 27th August 2020 || |
| ||Rajesh Gadodia |
| ||Chairman |
| ||(DIN: 00574465) |