I am pleased to report that your Company has achieved a better market performance andrevenue growth over last couple of years driven by increase in volume of sell. Last yearwas an eventful year overall for the Indian Economy with long awaited nationwide rolloutof GST. Disruptions and anxiety due to perceptions certain lack of clarity and overalladaptation of HSN based tax rates though affected the Business in second and thirdquarters have now been overcome and settled.
While other measures of the Government namely the enactment of the Real Estate(Regulation and Development) Act 2016 (RERA) and implementation of the Insolvency andBankruptcy Code 2016 (IBC) shall play a positive role for the economy over a period oftime.
The improvement seen in the Indian Industrial Production (IIP) numbers since lastcouple of months suggest that the Indian economy has now moved on a recovery path which isa good indicator. The Indian economy is poised to grow at a rate of 7% in 2018-2019 afteran estimated 6.6% growth in 2017-2018.
At Company level going forward it is our conviction that the transparent policies andlevel playing fi eld provided by the GST regime along with the stringent statutecompliance with initiatives like E-way bill implementation will further help the growthof organized sector due to reduction of unethical practices which had led to unfair andunjust competition in the past. The direct benefit transfer schemes are undoubtedlyexamples of inspired action towards progress the spirit of competitiveness federalismand also spurned the state government's ease of doing business. This in turn showedpositive impact in the investment climate.
During the Financial Year 2017-18 your Company completed 39 years of its tryst withthe Nation a vintage enjoyed by a mere handful of names in our corporate annals.
The current year 2017-18 was also a challenging year with considerable increase in Rawmaterial cost and an economy that failed to energize the pipe industry and confronted thesteel market with subdued sales. But amid these challenges there were positivedevelopments in Steel Pipe Industry with greater cost efficiency strengthened productsdevelopment and energetic customer excellence initiatives. A slew of measures to boostdomestic manufacturing a step up in allocation for Smart Cities mission higherexpenditure on Railways infrastructure and affordable housing are also slated to drivedemand for steel. However the industry which is suffering from high input costs isdisappointed that its demand for a reduction in customs duty on key raw materials has notbeen met. In this unfolding scenario I am confident that your Company's continued focuson cost competitiveness and the thrust on enhancing customer excellence will help itpresent an improved performance. In spite of challenging macro environment in FY 2018 wepassionately launched new products advanced our product pipeline pursued innovationenhanced our manufacturing capabilities with improved technologies and made a realdifference to the lives of people.
Made up of eminent personalities of professional progress and indubitable integritythe Board guides the company in retaining its reputation of being professionally managedwith its core values firmly rooted in demonstrating sound ethics and good corporatecitizenship to deliver maximum value to its stakeholders. TNT has a strong and dedicatedteam of Employees responsive to every problem to meet any challenge with purposeful gritand determination. TNT has played a meaningful role in the Steel Industry providingquality Steel Pipes materials and services and sharing its expertise as the governmentmoves ahead with plans for greater investments in infrastructure development Smart Citiesand urban transformation the company has also revved up its capability to provide qualitySteel Tubes/Pipes and services to match the engineering excellence that go intoimplementing ambitious projects necessary in these segments.
TNT has been an unrivalled pioneer in Steel Pipe Industry in South India. Itsfacilities for the production of Steel Pipes which have state-of-the-art technologyincluding a considerable degree of automated process control systems demonstrate highperformance levels and assure consistent quality to match world class standards. TNT'sSteel Plant is capable of meeting specific needs of Dealers/Customers beginningwith the basic requirements of every individual and challenging demand of mega projectsfor High Performance and other specialized applications.
TNT's unique track record of innovative research and development has led to itsrecognition as a pioneer and trendsetter with several breakthroughs in Steel Tubes/Pipesover the years and more recently to include many new products that have widened itsportfolio of value added varieties for special and customized applications. The customeris the pivot in the process of innovation quality and product development - with systemsin place to harvest new customer insights and expectations to improve on service levels.With the customer strategically ensconced in the driver's seat of the planning process apurposeful direction and metrics emerge in the context of decision-making in all aspectsof creating and securing value for the customer.
It has been your company's resolve to build a strong industrial approach for thecompany's growth with a responsibility to ensure that the growth is increasingly createsmeaningful trust livelihood and secure ecological environment. I have tremendous faith inTNT's best class team of dedicated professionals and I know that they will have no stonesunturned in the quest to take their company to greater heights to serve you ourshareholders and our society.
As always I would once again take this opportunity to thank our talented employees fortheir passion and dedication and our stakeholders for their continued support
With Best Wishes