Business success is as much a metric of sustained positive performance as it is of anorganisation's ability to overcome challenges by strategising and realigning proactivelyto the new demands of a fast-changing environment. Such realignment requires a powerfulthrust on technological innovation and a strong execution edge backed by a serviceproposition that is rooted in excellence and driven by trust.
In our quest for delivering such a service-centric strategy propelled by ourpioneering approach and execution capabilities we at Triveni have transformed ourvision of collective stakeholder value into an overarching ambition to transform lives.And powering this ambition is our razor sharp focus on deepening our customer insightsand our ability to continuously enhance our responsiveness to their evolving needs in achallenging macro_environment.
It was this strategic approach that facilitated our consistent performance during FY20 notwithstanding the challenging domestic market environment marked by tightcompetition and pricing pressure as well as a tough international demand scenario withgeopolitical stresses. The global COVID-19 outbreak at the end of the fiscal furthercaused businesses to enter FY 21 under a shadow of a gloomy present and an uncertainfuture.
It is our sincere belief that the uncertainty triggered by this unprecedented crisiswould prove to be a short-term blip on the business horizon and the leap to exemplarygrowth will take place sooner rather than later especially for enterprises like ourswhich have consistently built strong foundations through focussed futuristic initiativesover the years. The quality quotient inbuilt in our comprehensive environment-friendlyproduct portfolio our excellent aftermarket presence and our ability to servicecustomers effectively 24*7 across industries and regions will continue to lead ourjourney as we strive for revival in the near term and surge in the long term towardstargeted growth in line with our vision for the future.
At the heart of this optimism is the high level of efficiencies we haveprogrammatically achieved in recent years through our prudent focus on constantlyaugmenting our operational and cost efficiencies. Further consistent thrust on elevatingquality controls and improving process checks has lent to Triveni a competitive edge thathelps us to strengthen our market and industry leading position year after year. Thejudicious risk management interventions we continue to make across the supply chain andat every level of the organisational systems are other levers of our opportunity-ledstrategy which enables us to make the most of the emerging potential for growth in newsectors and geographies.
FY 20 witnessed a massive scaling up of the competitive strengths of the Company as weadded disruptive new software and innovations to our automation-driven digital andtechnological suite. From supporting Triveni's aggressive transformation during theCOVID-19 crisis to paving the way for further reinforcement of its digital securityarchitecture this technological empowerment promises to be a game-changer for us as wemove forward into the post-COVID era. Not only will it equip us to deliver to ourcustomers best-in-class service support from remote locations especially in thefast-growing aftermarket segment of our business but will also facilitate the realignmentof our business charter more efficaciously with the new global business andindustry_normal.
This enhanced technological and digital scale will also contribute to furtherstrengthening the capacities and capabilities of our people which we remain dedicatedlyfocussed on nurturing through well-structured training welfare and engagement programmes.Undoubtedly these are difficult times for them as they are for others around them. Toall these people I would like to say do not lose hope. Beyond the dip we can seein the curve today lies a bright future which beckons us with the promise of recoveryrecuperation and revival.
The Government of India has already announced several fiscal and monetary reliefmeasures to infuse positivity in the market and we at Triveni are well poised to seizethe opportunities that will resultantly emerge in the not too distant future. The clarioncall which the Prime Minister has given for the development of a Self-Reliant India willalso augur well for the Company. Despite apprehensions of muted growth at the start ofFY_21 we expect to see the Company post healthy performance going forward at the back ofthe orders in hand and in the pipeline. We do not really see the demand for steam turbineswitnessing a drastic decline notwithstanding the slowdown triggered by the pandemic inboth the domestic and international markets.
On this positive note I would like to thank all stakeholders including our customersand employees for their unwavering support and confidence in the Company. Your continuedtrust in Triveni is even more critical at this difficult time to our efforts to get ourstrategic trajectory back on the track of excellent growth and long-term value-creationfor each of you.
With best regards
Dhruv M. Sawhney
Chairman & Managing Director