The past year performance has been satisfactory as the Company has been able tomaintain its profitability. This is primarily due to the progress in the execution of theoverseas project at Soha and reduction in the interest burden. The order backlog ishealthy. The Company bagged orders over Rs.750 crores during the year mainly in the Watersegment. The consolidated order book of the company stands at Rs 2448 crores crores whichgives the required impetus for the next few years.
There has been increased investments by the government both at the Centre and thestates in infrastructure. Projects in the road and water sector have been given thrust.The steel sector however remained muted with slowdown in capex. The progress on theinternational project has been good and we hope this will be a major break for us toexpand our horizons in the Middle East.
The outlook is exciting and we can look forward to maintain the momentum in the comingyears.
At this juncture I wish to express my gratitude and appreciation towards ouremployees customers business associates suppliers and bankers who have stood by usduring these trying times. Lastly I would like to thank our shareholders for theirunstinted support.
P D Karandikar (Din No.02142050)