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United Drilling Tools Ltd.

BSE: 522014 Sector: Engineering
NSE: UNIDT ISIN Code: INE961D01019
BSE 00:00 | 14 Jan 585.40 16.40
(2.88%)
OPEN

569.00

HIGH

594.35

LOW

564.95

NSE 00:00 | 14 Jan 583.95 15.00
(2.64%)
OPEN

574.95

HIGH

594.40

LOW

565.00

OPEN 569.00
PREVIOUS CLOSE 569.00
VOLUME 38653
52-Week high 596.30
52-Week low 242.05
P/E 26.16
Mkt Cap.(Rs cr) 1,188
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 569.00
CLOSE 569.00
VOLUME 38653
52-Week high 596.30
52-Week low 242.05
P/E 26.16
Mkt Cap.(Rs cr) 1,188
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

United Drilling Tools Ltd. (UNIDT) - Chairman Speech

Company chairman speech

Through the extraordinary efforts of the whole UDTL team the Company has been able toshowcase robust and resilient performance to overcome seemingly unsurmountable vagariesand stay on the charted course.

Dear Shareholders

As I sit down to write this year's message the only thing that crosses my mind is thathow challenging the year has been for most of us. At the outset I trust you and yourfamily are keeping well in this unprecedented times. FY21 will be remembered as one of themost challenging years in recent times as Covid-19 continues to affect our lives andlivelihoods.

Staying true to our corporate ethos I find myself vindicated of the trust andconfidence I had put in my colleagues over the years but specially over the past yearwhen we were put to yet another test of resilience as the raging pandemic continued towreak havoc in people's lives across countries and economies. It's been a year like noother and the way our people have responded and what they have achieved has been nothingshort of inspirational. I was confident we would manage to stay on top of the crisisbeing a resilient organisation. The confidence was fully vindicated as all our colleaguesacross our facilities came together in the most inspiring ways to ensure that we continueto serve our customers and grow our business. Our results this year shows how we havebuilt a committed resilient and agile business with a purpose that permeates across theorganisation and a strategy that is delivering consistent growth.

Macro-economic scenario

A year of unprecedented challenges and uncertainties FY21 proved to be a difficultyear most of the business entities across industries. The Covid-19 pandemic disrupted theway of life businesses and the overall economic scenario across the globe. It had putgovernments under pressure to act with agility and stem the spread of the virus. Everycountry had their set of problems and adopted strict containment measures includingnationwide lockdown. Output in the US contracted 3.4% and that in Euro area by 7.2% in2021.

An already weak Indian economy saw GDP declining by 24.4% a multiple decade low inthe first quarter of the financial year under review. However since the second half ofthe year with the steady rollout of the vaccination program there has been a steadyrecovery with the economy returning to growth in the fourth quarter and a sharp rebound inall end markets. For FY21 the Indian economy contracted by 7.3%.

After a year of negative performance the outlook for the global economy remainspositive though renewed outbreaks are posing fresh challenges especially in India wherethe second wave has been devastating. The aggressive roll-out of vaccines globallyprovides some hope that this may be the beginning of the pandemic's end.

The year we passed

Throughout this challenging year one of our key priorities was the health and safetyof our people. I would like to thank each one of them for their continued hard work anddedication during these challenging times. We ended FY21 with a good momentum as theinitiatives undertaken in FY were starting to unfold and the full potential of ourbusinesses began to take hold. However the impact of the Covid-19 pandemic in March 2020was both immediate and significant. Within weeks the Indian government and many othercountries across the globe had imposed wide-ranging restrictions impacting both supplyand demand and causing substantial loss of business and temporary closedown of factories.

Through the extraordinary efforts of the whole UDTL team the Company has been able toshowcase robust and resilient performance to overcome seemingly unsurmountable vagariesand stay on the charted course. During the year we made good progress on our keystrategic initiatives and achieved another year of strong business performance. We willkeep our progress aligned with our expectations and also aligned with the government'svision of an 'Aatmanirbhar Bharat' and 'Make in India' Initiatives. As a result wedelivered or exceeded most of our stakeholder objectives. These wouldn't have been anexcellent outcome in any other normal year but against a background of pandemic- drivendisruption and turmoil it was a performance that we are collectively proud of.

During the year we continued to focus on the delivery of our strategies in particularthrough reviews of progress on key strategic priorities such as operational excellencegrowing our international businesses in focused markets growing our market share andexpanding our offering in India using technology to innovate our offerings and focusingon value creation with clear actions to protect margins generate cash and deliver on ourtargets.

We ended the financial year with an order book of Rs. 80 crore. But considering thecurrent situation where the priorities of the government are more focused on thehealthcare sector the industry at large faced these difficulties. Our overall performancefor FY21 reflects the challenging backdrop amidst which.

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