Hope this finds you in good health.
Now that the impacts of COVID-19 are truly apparent I am extending my wishes to eachand every one for fighting this healthcare battle with an undying spirit and coming out aswinners.
The year 2020 will go down our memories for more good than bad. The reason solely beingone: challenges were defied and
Economies across the world faced unprecedented lows owing to the COVID-19 outbreak. Thedisruptions due to the spread of the pandemic triggered one of the most pronouncedcontractions witnessed by global economies in modern times. Lockdowns and border closuresacross key global markets crippled economic activities and halted production processes.
The nationwide lockdown imposed to curb the spread of the pandemic impactedemployment manufacturing and business activities across industries. These incombination with derailed consumer demand and supply chain issues significantly sloweddown the economy in the first half of the year. The Government's prompt and consistentinterventions and stimulus however acted as breathers for businesses and the vulnerablecommunities. Businesses were inching back to normalcy with gradual unlock mode from May2020 onwards.
As a result the Indian economy started showing green shoots of recovery at a ratefaster than earlier forecast. Moreover improved macroeconomic indicators and commencementof the vaccination drive have brought back positive sentiments in the market.
The pandemic was equally hard-hearted to the Indian textile and apparel industry.However various relief measures announced by the Government such as Production LinkedIncentive scheme Mega Investment Textiles Parks scheme and reducing custom duties on rawmaterial in manmade textiles among others will support the textile sector.
Amid the pandemic upheavals your company remained determined to deliver on yourexpectations. With our resilient strategies sturdy foundation and customer-centricmindset we ensured continued services to our customers. We placed highest priority on thehealth and well-being of our people their families and other stakeholders throughawareness sessions training and communication. We gradually resumed phased productionadhering to the Government guidelines. We ensured regular sanitization safe distance workpractices and use of protective gears for our employees. We safeguarded our marketposition through our prudent strategies such as rationalising expenditures and achievingcost efficiencies. Our operations continued to pave the way for business continuity as weoptimised cash flows to conserve liquidity. With our relentless efforts we were able tomaintain satisfactory results and reached the pre-COVID-19 levels by the end of the year.During 2020 Stovec's revenue from operations stood at Rs 1501.17 Mn while the profitafter tax was recorded atRs 134.63 Mn.
Today Stovec is globally known for its legacy of innovation best-in-class researchand development capabilities and high-quality products for the textile packaging and thegraphic printing industry. We are focused to strengthen our footprint in the digitalprinter and digital ink products to meet changing requirements of our customers. Withcutting-edge innovation and latest technology we further plan to introduce new productsin our conventional rotary business.
The post-COVID world would be different.
With a team of highly-proficient people advanced technology infrastructure andreliable offerings we are strongly placed in the industry. We have already upgraded ourfunctioning and are prepared to sustain continuous growth. On behalf of the Board I wouldlike to thank all our stakeholders for their firm faith in us and their continuedsupport. I would also like to thank our employees for their dedication and energy to stayby the Company even in such odd hours. I would like to express my sincere gratitude to allthe members of our Board for their continued insights and invaluable guidance as we serveour customers with future-ready products superior experience and the undying spirit.
|Best wishes |
|K.M. Thanawalla |