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Touchwood Entertainment Ltd.

BSE: 535037 Sector: Others
NSE: TOUCHWOOD ISIN Code: INE486Y01013
BSE 05:30 | 01 Jan Touchwood Entertainment Ltd
NSE 00:00 | 23 Sep 95.30 4.50
(4.96%)
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Touchwood Entertainment Ltd. (TOUCHWOOD) - Chairman Speech

Company chairman speech

We complete 24 years since incorporation! This fabulous journey would not have beenpossible but for the tireless efforts of our employees their dedication andinventiveness. They embody the true spirit of Touchwood! A

DEAR SHAREHOLDERS

In every adversity lies an opportunity' is an age-old adage one that holds true to thecurrent COVID-19 situation. While the crisis tested the limits of economies and businessesalike it has also provided everyone with opportunities - to reflect and reconsiderinnovate and accept as well as reconnect and help. It was no different for us atTouchwood. We utilized this time to rethink reimagine and build a better and strongerbusiness. The year 2020 will be remembered for the pandemic - one that has had a lastingimpact on our business and industry. In the last fifteen months we have unlearnt oldhabits adopted technology rapidly and challenged ourselves to adapt to new ways ofworking.

Year 2020 brought the digital future closer to us at an accelerated pace across allaspects of our lives. The pandemic has not only fundamentally transformed the way we livework travel shop and consume the content but it has also cast its grim shadow on ourmental and physical health preparedness of the country's healthcare infrastructuregovernance structures and our economy. We at Touchwood have successfully met thechallenges of the ongoing situation and have adapted to the 'new normal'.

As I reflect on the year gone by the one word that comes to mind is resilience.Touchwood and its people were resilient during these extraordinary times. We stood up tothe challenge and quickly adapted to the changing conditions to support the business.Through all this I am proud of the way we showed determination and never lost sight ofour purpose - to be an inspirational and trusted brand. I am also hopeful that if each oneof us acts in a responsible manner we would be able to put this hardship behind us andlooktowards brighter healthier and safer days ahead.

realigning our priorities

For an organization to grow and retain its market leadership it had to guide itscustomers through the new normal that would emerge out of our collective experiences ofthis pandemic and fulfil their requirements through innovative ideas and solutions. As wecontinued to manage the business dynamically to address the uncertainties in the wake ofthe pandemic we continued to enhance our focus on understanding the changing customerneeds and aspirations across our businesses and address these through newer constructivesolutions with a strong value proposition for our customers. Our focus on new digitalinitiatives have yielded us new gains and also given us unique strengths.

With Events being the core of our establishment work has been revitalized and there iscontinuous growth on that front.

Catering to the new world we have now curated 2 apps viz. MakeMeUp and WedAdvisor.Touchwood is on a growth path with the launch of these consumer-facing tech-enabledbusinesses. Touchwood has very quickly transitioned from a services centric group to atech-centric group. In the days to come we

driven

It is still early to take stock of the impact of the pandemic which is not completelybehind us. However we have definitely learned a great deal during these trying times. Ittaught us that agility is the way forward - it is crucial to be able to adjust and adaptto changing market conditions that affect demand supply chains and working methods.

ENHANCING OUR DIGITAL CAPABILITIES

The pandemic has drastically changed customer behavior. There has been an accelerationin the shift to digital platforms and an increased need for digital transformation. It hashelped us adapt to the rapidly changing behavior of our customers. Looking at this trendwe are refreshing our digital marketing and social media capabilities and upgrading ourIPs. We leveraged the power of digital by undertaking various digital initiatives such as:

• Virtual Masterclasses by renowned makeup artists

• Virtual Gourmet Entertainment Show exhibition

• Online batches of Touchwood Wedding School

Digital technology also helped us prioritize the health and safety of our employees byenabling their smooth transition from regular office to work from home. We supported ourteam in the digital revolution and that has kept us going due to the government imposedlockdown the work from home pattern was adapted and very quickly there was a shift in ourwork style -virtual became the new normal internal & external meetings were beingheld on e-meeting platforms and data sharing & tracking through cloud based apps.

LOOKING AHEAD

With the end of second wave hitting India and threatening the rural hinterland alongwith talks about a possible third wave the year ahead will be uncertain and challenging.However crisis or no crisis I am confident in Team Touchwood. I am confident of ourpeople and their ability to deliver innovative and best in- class services and solutionsto our customers.

As an organization we have always upheld the highest standards of corporategovernance which has been the bedrock for our growth as a sustainable responsiblecorporate citizen.

As we look at navigating the business forward in the new financial year Touchwoodcontinues to focus on its operational efficiency cost control cash conservationensuring sustainability of its existing businesses and developing its Ips.

Whilst implementing all necessary changes to protect the current business we seizedseveral opportunities to further develop the company's Ips.

Today the world is simultaneously seeing three major transitions - the pandemic-inducedmodel for hybrid work which requires new ways to collaborate orchestrate and deliver thetechnology transformation driven by cloud and the digital acceleration of business modelsthat are changing the way we live work play and relate to one another over digitalchannels. As I look ahead I am more optimistic than ever of the enormous opportunityahead of us.

TOWARDS A HOPEFUL AND OPTIMISTIC FUTURE

We complete 24 years since incorporation! This fabulous journey would not have beenpossible but for the tireless efforts of our employees their dedication andinventiveness. They embody the true spirit of Touchwood! This has been one of the toughestyears for us at Touchwood. Despite that we made significant progress in terms of costreduction and brand recognition.

We managed to achieve a lot this year and this would not have been possible without thepassion and determination of our amazing team. I would like to express my deep gratitudeto each and every member Touchwood family. Most importantly I would like to thank youfor your overwhelming trust support and confidence in Touchwood Entertainment Limited. Iwould like to assure all our stakeholders that with your support and faith in us we willweather this storm emerge stronger and continue to march forth on the path of success.

Wishing you all good health!

Warm Regards

MANJIT SINGH

Chairman & Managing Director

.