I trust this letter finds you and your families in good health.
While in FY 2020-21 we encountered unforeseen volatility it also turned out to be atrue test of our character. Aided by our core values especially teamwork we continued todeliver value to our stakeholders despite the challenges. We continued our mission to keepthe world moving forward by working closely with our customers to ensure that they movedcloser to their business objectives by mitigating uncertainties during the ever-changingeconomic and geo-political dynamics.
We stepped into the year amidst headwinds of a global economic slowdown aggravatedfurther by a nation-wide lockdown. COVID-19 severely impacted every aspect of our livesand created much uncertainty. As a responsible company Timken reacted to the pandemicwith great agility and resilience and prioritized the safety of our employees and thecommunities in which we operate. We made a V-shaped recovery across all functions and madea strong comeback post lockdown as we continued to increase operating efficiency acrossall locations amidst restrictions.
The Timken Company our parent company has been building its engineered bearingsleadership by adding adjacent power transmission offerings to better serve our globalcustomers' industrial motion needs. In India we have been introducing productsmanufactured by those acquired companies and plan to do so in future as well. For ouraftermarket business we introduced Wheel-Pac repair kit for the first time and revampedthe grease range.
We continued investing in capacity expansions at our Jamshedpur and Bharuch facilities.At Jamshedpur plant we made the state-of-the-art Roller facility operational and enabledthe Rail facility with automation technology to serve the high-speed rail market. Railbearing services were also made operational along with all related utilities at the plant.
Our Bharuch facility made tremendous progress to qualify for producing TimkenRproducts. The plant successfully implemented integration of vital internal systems toalign itself with Timken processes. All our facilities exceeded their targets for makingour operations more sustainable and environment friendly and reducing carbon footprint. Werecorded our lowest ever scrap at Jamshedpur owing to several Lean initiatives and processimprovements and achieved zero liquid discharge at both manufacturing locations.
We continue to leverage the engineering & design skills of our global engineeringcenter in Bangalore to forge stronger relationships with our customers by offering themsupport that goes beyond products. Our broad range of product offering along with diverseapplication of products continues to give us the required lead in the market.
Our parent company The Timken Company was recognized as one of the World's MostEthical Companies for 11 consecutive year by EthisphereR Institute a global leader indefining and advancing the standards of ethical business practices. We are driven by sameethics best corporate governance practices and a strong sense of purpose at the Company.
We continued our efforts to help the communities where we operate. Our CSR efforts wereconcerted to provide education skill development clean drinking water sanitation andmedical care to the underprivileged.
Timken's excellence is based on the agility of its business and the strength of itsdiversified portfolio across geographies product categories and channels. The new normalcatalyzed to expand Timken's business approach to new technologies and the Company wasquick to get introduced to the approaching opportunities and adapt new excellencemeasures.
As we move forward we anticipate continued uncertainty changing consumer behaviorsand a volatile economic environment. As we embrace this new normal agility in adoptingnew technologies a robust and resilient business model and strong financials will keeppropelling us forward on our path to sustainable growth. Your Company is well positionedto navigate the challenges ahead and take advantage of opportunities arising out ofrapidly evolving markets.
I would like to thank Board of Directors for their continuous guidance and wisdomwhich played an instrumental role in steering the Company through this global pandemic. Iwould like to thank all our stakeholders for their enduring trust confidence andsupport. I would also like to thank the entire Timken team for their unflinchingcommitment and herculean efforts during these challenging times. I am confident that withthe support of all our associates channel partners and suppliers and your encouragementwe will build on our successes and improve your Company's profitability and provideenhanced value to our customers and shareholders while mitigating the risks posed by thepandemic.
Chairman & Managing Director