It gives me great pleasure to present to you this year's Integrated Report adocument that distinctly exhibits our purpose potential and the context we operatewithin. It perfectly encapsulates our comprehensive strategy of value creation andstrategic decisions that have helped us thrive as a market leader.
2020-21 a year that could easily be termed as one-of-its-kind threwseveral challenges and brought about tremendous changes for all of us. It was a yeardominated by crises and defined by heroic responses.
Underpinned by our strong resolve we at Voltas took cautious but confident steps inthe right direction to benefit from the current changing and emerging trends.
With the customer at the centre of our universe and all our business operations wecontinued to focus on providing value to all our stakeholders at large. In addition beingcelebrated for our determination and resilience we were prompt in adopting the NewNormal' and pushing the boundaries through this pandemic. It is my pleasure to share withyou our performance in 2020-21.
Fortunate to be a Consumer Durables Company with a robust portfolio to deliver in aCOVID-19 world and beyond Voltas made substantial progress despite these unusualcircumstances. While there was a 1.8% decline in the Consolidated Total Income for thefiscal year Profit after Tax was higher by 1.5% at` 528.79 crores. The Balance Sheet asof 31 March 2021 remained healthy with strong reserves adequate cash and minimalborrowings. These results keep me optimistic about the coming months. I'm confident thatbrand Voltas will bounce back playing an integral role in shaping India as the world'smanufacturing hub.
There were a number of things that worked in our favour. One of these being Voltas'need to always have a well-thought contingency plan to bolster against unprecedentedchallenges. This credo is clearly reflected in the way we cushioned ourselves last year.With the perspective of self-reliance in mind we focused on design and thinking-ledproduct development consumer centricity and digitalisation. We prioritised ourbusiness continuity plan based on these pillars. We worked in synergy to deliver our corebrand promise of convenience and comfort to our customers in India and across the world.Keeping all this in mind we continued to plan for the future as always. Voltasitesacross the world have a common goal to be swift and agile in imbibing capabilities to moveforward across businesses and industries.
Going forward we are positive about easing and improving of consumer sentiments. Withchanging lifestyles post COVID-19 rising demand for consumer durables and appliances weare optimistic about continuing our growth journey. Our focus on building the orderbookfollowing a cautious and risk mitigated approach will support the Project business. Thedecision to restructure the businesses will start reaping benefits in near term across allverticals. We are optimistic that the overall industry in financial year 2021-22 will betouching the pre-COVID-19 levels.
I take this opportunity to thank our Board for their invaluable inputs and support. Ilook forward to their continued support and guidance for many years to come. Mostimportantly I would like to thank our employees for their contribution hard workdedication and drive which ensured that we remained competitive in the market during suchunprecedented times.
I am certain that our ability to think proactively and comprehend the emerging futuretrends will propel us to move onto our next course of growth to meet the potential thattomorrow has to offer.
|pradeep bakshi |
|Managing Director & CEO |
|voltas limited |