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Walchandnagar Industries Ltd.

BSE: 507410 Sector: Engineering
NSE: WALCHANNAG ISIN Code: INE711A01022
BSE 00:00 | 03 Aug 51.95 0.55
(1.07%)
OPEN

51.15

HIGH

52.70

LOW

50.00

NSE 00:00 | 03 Aug 51.90 0.80
(1.57%)
OPEN

51.05

HIGH

52.60

LOW

51.05

OPEN 51.15
PREVIOUS CLOSE 51.40
VOLUME 37940
52-Week high 81.40
52-Week low 22.15
P/E
Mkt Cap.(Rs cr) 198
Buy Price 51.95
Buy Qty 100.00
Sell Price 52.50
Sell Qty 194.00
OPEN 51.15
CLOSE 51.40
VOLUME 37940
52-Week high 81.40
52-Week low 22.15
P/E
Mkt Cap.(Rs cr) 198
Buy Price 51.95
Buy Qty 100.00
Sell Price 52.50
Sell Qty 194.00

Walchandnagar Industries Ltd. (WALCHANNAG) - Chairman Speech

Company chairman speech

Dear Members

It is my pleasure to welcome you all to the 110th Annual General Meeting and present the Annual Report of your company. The year under consideration covers the period April 18 to March 19.

During this year your company has further consolidated its performance as part of a process which began in FY 17-18. The mix of new orders booked as well as the current orders in hand clearly reflects the strategic priorities of the company. Divisions like Aerospace Defence Nuclear Missiles and Gearboxes together account for approximately 60% of the total order book in hand by value. Also there has been a marked uptick in the performance of its product businesses. Progress in the execution of legacy businesses continues with five sites of the TNEB project in Tamil Nadu already commissioned and further concrete movement seen towards final closure of Phase 1 of the Tendaho project.

Your company ended the financial year 18-19 with total revenue of INR 388.97 Crore and notwithstanding the net loss for the year its quantum (net loss) has decreased significantly as compared to last fiscal year. Also there has been a consistency in your company's performance over the last four quarters thereby leading to a significant improvement in the cash profit for the year as compared to last fiscal. One of the highlights of the years performance has been the revenue mix - close to 90% of the revenues have come from the manufacturing business thereby leading to a salutary effect on the bottom-line. While the working capital position of the company has seen a semblance of stability there is no let-up in the vigilant and judicious approach of the operating management as regards deployment of available funds and resources.

WIL is gearing up strongly towards its stated objective of excellence in niche manufacturing across strategic sectors. Receipt of an order for spacecraft flight hardware from ISRO (approx INR 96 Crore plus escalation) which is the single-largest order ever received by the Aerospace business is a feather in our cap. A healthy order pipeline is visible in the Nuclear Power Plant Equipment business with the ordering in fleet mode for upcoming indigenous reactors gathering pace. From an execution perspective WIL has successfully manufactured and dispatched the first gearbox from the order received from Goa Shipyard (OPV gearboxes for the Indian Coast Guard) and hopes to continue with the momentum going ahead. Also strengthening the execution of orders in the Defence Business would be a prerogative this fiscal. Expansion in the product businesses like Centrifugal Machines and Castings (Foundry) would continue. A modest beginning has been made in bagging orders from the Railways Business and it would be our endeavor to expand our footprint in this sector. All in all WIL is poised well to leverage upcoming opportunities in the years ahead.

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

Thank You

Chakor L. Doshi

Chairman