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Walchandnagar Industries Ltd.

BSE: 507410 Sector: Engineering
NSE: WALCHANNAG ISIN Code: INE711A01022
BSE 00:00 | 22 Apr 98.95 -5.65
(-5.40%)
OPEN

102.50

HIGH

103.55

LOW

98.30

NSE 00:00 | 22 Apr 98.90 -5.60
(-5.36%)
OPEN

101.90

HIGH

103.75

LOW

98.55

OPEN 102.50
PREVIOUS CLOSE 104.60
VOLUME 122770
52-Week high 184.25
52-Week low 75.65
P/E 59.97
Mkt Cap.(Rs cr) 377
Buy Price 98.95
Buy Qty 100.00
Sell Price 98.95
Sell Qty 600.00
OPEN 102.50
CLOSE 104.60
VOLUME 122770
52-Week high 184.25
52-Week low 75.65
P/E 59.97
Mkt Cap.(Rs cr) 377
Buy Price 98.95
Buy Qty 100.00
Sell Price 98.95
Sell Qty 600.00

Walchandnagar Industries Ltd. (WALCHANNAG) - Chairman Speech

Company chairman speech

Dear Members

It is my pleasure to welcome you all to the 109th Annual General Meeting andpresent the Annual Report of your company. The year under consideration covers the periodApril 17 to March 18.

During this year your company has taken concrete steps to achieve operational andfinancial turnaround. WIL's order book today reflects its priorities with strategicsectors like Aerospace Defence Missiles and Nuclear together accounting for a majorshare. There were a number of notable achievements during the year which include ramp upin production rates for missile sub-assemblies and aerospace components and receipt of astrategic order for gearboxes for offshore patrol vessels. There has also been a positivemovement in the execution of legacy EPC projects with WIL having received work completioncertificate for the Tendaho project (phase 1) in Ethiopia and phase-wise execution inprocess for the TNEB project in Tamil Nadu.

Your company ended the financial year FY 17-18 with revenues of INR 407.30 Crore andnotwithstanding the net loss for the year the company's relatively better performance inQ4 gives us a fair degree of confidence. Cost control and optimization measures have had asalutary effect with heads of expense like material cost manpower cost and other expensesshowing notable reduction compared to the previous year. Following the infusion ofstrategic funding from KKR India there has been some succour on the working capitalfront. However the operating management continues to remain ever vigilant and judiciouswith regards to the deployment of available funds.

In key sectors like Aerospace Missiles Defence Centrifugal machines and Gearboxes wehave a healthy order pipeline and expect improved order booking in FY 18-19. WIL wouldalso be exploring new business opportunities - e.g. railways business. As far as EPCbusiness is concerned we would be selective with due consideration to profitabilitypayment terms and customer profile. WIL is confident that given its strong fundamentalsand unique positioning it will continue to benefit positively from the upcomingopportunities in the years ahead.

I would like to place on record my sincere thanks to WIL's shareholders our bankersemployees at all levels and the media for your continued support and expect similarconfidence in the years to come.

Thank You

Chakor L. Doshi

Chairman