At the outset we offer our positive thoughts and best wishes to all of you andsincerely hope that you and your loved ones are safe & healthy and participating inthe ambitious vaccination programme whole-heartedly.
We have been collectively facing overwhelming challenges in the last 18 months whichhas severely impacted human lives and the economic health. At the same time weexperienced the new normal that we could not have imagined - from scientific breakthroughsto new ways of learning living and working.
The stringent nationwide lockdown and mobility restrictions for a significant part ofthe Financial Year followed by the extended time taken for normalcy to be restoredcreated uncertainty and disruption to our business during the Financial Year 2020-21.However despite the challenges encountered in material supplies mobilization of projectmanpower elongation in debtors collection the Company exhibited great agility andpreparedness to arrest the extent of adverse impact. Our strenuous focus on collectionsconserving cash prudent cost optimization and diligent working capital management saw thecompany achieving significant reduction in inventory paring down debt releasing sizeablebank guarantees and realizing noteworthy debtors liquidation.
The Projects business vertical saw successful completion of several projects this year.The most significant being BHEL-Meja BHEL-Wanakbori and IFFCO-Paradip. The Company wasalso successful in completing two major circuits at our large BHEL (NMDC) Nagarnarproject.
The commercial operation of the 2nd 660 MW unit at NPGC (NTPC) Nabinagarproject commenced through the Coal Handling Plant (CHP) supplied and installed by theCompany.
The Company through its tenacious approach was able to collect over Rs. 150 croreduring the year through debtors liquidation which helped augment its liquidity position.We continue to responsibly engage and work closely with our key customers for completionof projects and liquidation of outstanding debtors.
As we started witnessing recovery in economic activities and our company's performancetowards the end of FY'21 the recovery momentum was thwarted with the onset of a morevirulent second wave of the pandemic at the start of the current fiscal FY'22 which hasonce again taken a heavy toll on our recuperating operations.
Protecting the health and safety of our employees and the stakeholders we operate withcontinues to be our top priority. We have been investing significant effort on raising theawareness of our employees and their families through regular communications oncovid-appropriate protocols and promoting vaccination. The I4'shot ofvaccination has been received by 100% of our eligible employees.
Going forward we intend to comply with our manufacturing and execution plans and tomake all efforts to improve its cost structure and preserve cash which remains the keyfocus in the current context of our business as in the last year.
Moreover the company plans to expedite execution of all major projects based onpriority and concentrate on deeper engagement with Tata Steel on securing such orderswhich will help improve effective utilization of its manufacturing capacities anddeployment of key human capital in areas of design & engineering project managementand other support services productively. This will help in mitigating the commercial andfinancial risks with better capital turnaround and cash flows. We will continue our focuson (a) cost reduction as a business priority (b) remaining a responsive organization tomeet customers' needs by improving our delivery performance (c) exploring options forfurther restructuring of subsidiaries and (d) giving impetus to improve employeeengagement motivation and thereby enhancing productivity levels.
We seek the shareholders' relentless support in securing a sustainable future for thecompany!
|Best Regards |
|Alok Krishna |
|Managing Director |