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Shree Tirupati Balajee FIBC Ltd.

BSE: 535013 Sector: Industrials
BSE 05:30 | 01 Jan Shree Tirupati Balajee FIBC Ltd
NSE 05:30 | 01 Jan Shree Tirupati Balajee FIBC Ltd

Shree Tirupati Balajee FIBC Ltd. (TIRUPATI) - Chairman Speech

Company chairman speech

Dear Shareholders

As we all know 2020 has been a uniquely challenging year and we have all been impactedby COVID-19 both in our professional and personal lives. Amidst a very challengingbusiness landscape your Company remained steadfast in executing its strategiessustaining operational efficiencies maintaining customer centricity and ensuring costdiscipline leading to a strong financial performance and increased shareholder value— which you will see in this report. Our business was impacted in March 2020 asCOVID-19 spread nationwide which led to a complete lockdown of the country for over sixweeks. There were signs of gradual recovery towards the end of first quarter.

Financial performance and strategic progress

The COVID-19 pandemic has brought unprecedented health crisis in our lives and we havewitnessed the most unpredictable times for businesses around the world. This posedsignificant headwinds including lockdowns travel restrictions supply chain disruptions.Your Company clocked Net Profits of INR 4.77 crore up from INR 3.58 crore in FY2020-21.Revenue stood at INR 117.21 crore as compared to INR 111.22 crore a year ago. We continuedto drive execution on our strategic priorities with a disciplined cost and investmentapproach. With a long-term vision in mind we are transforming our ways of working withdigitalization across the full value chain. Reflecting on this performance in the backdropof an extraordinary crisis makes it even more commendable demonstrating the resilienceand the spirit ofwinning ofour people.

Ensuring health and safety ofour employees

Underlying our exceptional performance is the efforts of our people who showedtremendous resilience responsibility and resolve to support one another our customersour communities and our suppliers. We are incredibly proud of them and theirfamilymembers who stood by us during these times.

From the very beginning of the pandemic your Company prioritized the well-beinghealth and safety ofour own employees and ofour suppliers. We implemented comprehensivehygiene standards across all our locations andprovided our employees with clear guidance -including introducing a structured program on safety behavior for line managers andblue-collar employees for encouraging and implementing mandatory safety protocolsorganization-wide.

Your Company formed a special taskforce to monitor the situation on the ground and takenecessary measures to support the employees in their time of need.

Giving back to our communities

The events of the past year have demonstrated that societal issues disproportionatelyimpact the most vulnerable. We continued deepening our relationships in the communities weserve as part of our Community Care initiatives. We are using our resources ingenuityand collaborations with local municipal corporations to support our communities in theareas ofeducation skill development employment and environmental sustainability. YourCompany took several measures to strengthen communities that have been disproportionatelyimpacted.

Looking forward - 2021 outlook

While we entered 2021 with a robust balance sheet deep customer relationships astrong brand and strategically positioned business the country has been severely impactedwith the second wave ofthe pandemic. With the virus resurging in parts ofthe country manystates are still under lockdown and people are working from home. Keeping this in mind weexpect our fiscal year 2021 to be difficult particularly in thefirst two quarters.However we are hopefulfor a timely and efficient vaccination program and a return toPre-COVID- 19 levels of business. The effects of second wave of COVID-19 have not changedour strategy and we remain confident of the growth opportunities ahead.

In closing I would like to take this opportunity to thank the Board ofDirectors fortheir continued support our employees for the year they just delivered and thecommitment with which they serve our customers and our suppliers for their collaborationand support. Lastly I would like to thank our shareholders for the trust you continue toplace in us and for supporting us in our growth journey. Looking forward we remainoptimistic about better days and are focused on improving our capabilities andefficiencies to deliver value for our shareholders while taking the Company to greaterheights.


Binod Kumar Agarwal

Chairman & Managing Director