We delivered robust performance in fiscal 2021 led by strong performance in the gear
division despite challenging external environment. After initial hiccups during the first
quarter due to the nationwide lockdown to control the spread of the pandemic, we continue
to see improved performance in our domestic and international business. We managed to
maintain healthy order book on the back of periodic order inflows from our end segments
like power, steel, sugar, mining and cement sector amidst revival in economic activity. We
have been constantly channelizing our efforts towards reducing debt, inventory and
receivables thereby strengthening our balance sheet. Also, our ongoing focus on
streamlining existing operations has helped us maintain robust performance despite
uncertain external factors of economy. Though the economic environment remains
challenging, we remain optimistic on the Company’s growth prospects. We continue to
work towards making ourselves leaner and agile to tide over the prolonged slowdown caused
by Covid-19 pandemic and have aligned our efficiencies to capitalize on the emerging
opportunities during and post economic recovery.
We are actively taking all measures to contain the impact of pandemic by providing
necessary support to our employees and other stakeholders. We have provided substantial
support to the hospital which supports in relief for the underprivileged persons affected
by pandemic.
Prayasvin Patel - Chairman & Managing Director