Our team continued to perform exceptionally well in the face of these
challenges and continue to remain focussed on executing Morgan's strategy, which we
believe is the key for the long-term interests of our shareholders. Our strategy is
centred on world-class material science, application engineering and customer focus while
maintaining our commitment to our core values of working safely and ethically.
dear shareholders,
I am pleased to share an update on the performance of Morganite
Crucible (India) Limited for FY 2022-23.
Despite a challenging and dynamic business environment, your Company
retained the sustainable improvement trajectory of recent years, setting the foundation
for our continued growth and long-term success. However, the past year was marked by two
challenges your Company faced that appropriately represent today's volatile business
environment – sustained input cost inflation and a cyberattack on the Company's
networks.
Input cost inflation, especially in raw materials and energy costs,
continued to pressure our margins throughout the previous year, and the Company was forced
to go through the difficult process of passing these costs on to our customers. This
process took a significant amount of the team's time and attention, but I am pleased
to inform you that our operating margins have largely maintained their strength in the
face of this sustained inflation thanks to the team's efforts.
In the final operating quarter of 2022-23, the team were again forced
to react on an emergency footing to a cyberattack on the networks of the ultimate holding
company that disrupted the ongoing business of the Company for a few weeks. The focus of
the team was to ensure that as we switched to manually recorded business processes for
those weeks, we did not compromise on the integrity of these processes. While this
resulted in a reduction in customer despatches in that quarter, I am pleased to inform you
that we were able to recover our business processes effectively and we expect to return to
business as usual in the first quarter of 2023-24.
Our team continued to perform exceptionally well in the face of these
challenges and continue to remain focussed on executing Morgan's strategy, which we
believe is the key for the long-term interests of our shareholders. Our strategy is
centred on world-class material science, application engineering and customer focus while
maintaining our commitment to our core values of working safely and ethically. We believe
we are well-positioned to capitalise on attractive market opportunities and I look forward
to updating you on our progress in the years ahead.
I thank the members of the Board for their continued support in
ensuring the organisation's success. I also take this opportunity to express my
gratitude to all our customers, stakeholders, bankers, and suppliers for your support in
such a difficult time. Last but not the least, I would like to express my sincere
appreciation and thanks to all our shareholders for their continued support and trust
reposed in us.
Thank you for continuing to support our business and our vision.
Yours Sincerely,
dr. Aniruddha Karve
Managing Director,
Molten Metal Systems (MMS)