I am pleased to share with you an update on your Company's performance for 2019-20.Despite the challenging economic conditions we had a productive year engaging withcustomers in their innovation growth and transformation initiatives expanding anddeepening our relationships and deploying very impactful solutions.
Over the years we have doubled capacity at our plant in Jamshedpur which has become aglobal center of excellence for Rail mobility serving to The Timken Company (ultimateparent company) and its affiliates globally. Also our merger with ABC Bearings hasenabled us to serve our customers better increasing speed to market. During the year wealso made progress on various continuous-improvement initiatives making sure ourstate-of-the-art plants are updated safe well-organized and have environmental-friendlymanufacturing processes; ensuring our deliveries are accurate safe and timely; andadvancing on many other fronts.
In 2019 The Timken Company celebrated 120 years of advancing as a global industrialleader building scale entering new product lines expanding geographically anddiversifying our end markets. We continue to strengthen our reputation as thought leadersand innovators.
The Company continues to remain debt-free driven by effective working capitalmanagement and well-executed capital expenditure programs primarily for capacityincreases and maintenance which were financed entirely from internal accruals.Considering the future cash-flow position and future projects plans the Board hasconsidered and recommended a dividend of Rs. 50/- per share as the final dividend for theyear.
We have made a concerted effort to ensure that our associates are well engaged andconnected through various training and development programs. Your Company also receivedmany awards and recognitions from customers trade bodies and other notable authoritiesfor manufacturing excellence energy efficiency excelling in quality expanding globalmarkets and many other achievements. We remain steadfast in our commitment to thecommunities where we operate. We are mindful of the needs of the community we live in andare striving to enrich the lives of our neighborhoods through our corporate socialresponsibility programs.
The recent global COVID-19 pandemic that has spread across the world has affectedbusiness industry and many aspects of our lives. At Timken we have taken significantsteps to help minimize the health risks of all our associates and business partners. Ourplants have resumed operations and they remain safe places to work and we are focused ondoing all we can to protect the health and safety of our associates while continuing tooperate our essential business.
Timken India Limited's Board of Directors continues to play a pivotal role in providingtimely advice and serving as a source of inspiration. The Board's involvement inencouraging guiding and challenging the team in various activities is unparalleled. Iwant to take this opportunity to thank them for their time and wisdom. We remain confidentin our strategic direction and we thank all our shareholders for your trust and faithwhich have helped drive our success over the years. I would also like to thank all ourassociates for their hard work and our customers distributors and various otherstakeholders for their ongoing support.
While our Company has grown leaps and bounds over the years we have stayed true to ourcore values and we will continue to move the world forward through our products andactions and delivering good results along the way.
|Sanjay Koul |
|Chairman & Managing Director |
|DIN: 05159352 |