On behalf of the Board of Directors it gives me great pleasure to share with you anupdate on the overall performance of Timken India Limited ('Timken') in 2017-18.
The year under review had a decent volume and profit growth making steady progress intransforming Timken into more customer focused. Our total income grew by appx 13%primarily due to increase in domestic sales by appx 16%. We were able to achieve this as aresult of the execution of our strategy our long-term and consistent focus on solving ourcustomers' most challenging friction management and mechanical power transmissionproblems.
From an industry perspective the Steel sector is expected to continue the growth chartand retain no. 2 position worldwide. Timken has been appointed to manage the Roll Shop CRM2 for one of India's leading steel manufacturer further enhancing our footprint in thisindustry.
We are continuously adding more channel footprint to penetrate the General MRO(maintenance repair and operations) market and address regional gaps with value addedservices to meet customer demands at doorstep.
Further strengthening the 'Make-in-India' story the newly built state-of-the-artadvanced Rail facility at Jamshedpur is producing new lines for bearings and componentsenhancing back-end supply chain capability and development of new sources.
Timken has won many other accolades in the areas of manufacturing excellence qualitysustainable supplier best safety green building certificate among others details ofwhich are given in this Annual Report.
For Timken CSR is not a one-off project but constitutes a major part of our businessphilosophy. We have been associated with number of initiatives and have been able todemonstrate our commitment towards the sustainable development of our community.
Cost Quality and Delivery remains our key assets to deliver sustainable business andearnings growth thereby creating long-term value for our shareholders. We will continueto work with our stakeholders to propel strong yet sustainable growth.
Finally I would like to thank our Associates for their consistent commitmentengagement and encouragement in our journey. We will continuously seek and strive to dogood act better and do what is best for us and society at large.
Chairman & Managing Director