With business and society affected by the disruptions caused by the COVID-19 pandemic,
we took proactive measures to extend support to our employees and other stakeholders,
while effectively managing our business operations. We implemented necessary protocols and
undertook measures to go beyond the normal to ensure safety for all.
Dear Shareholders,
It's been a different year, and thus, makes it even more pronounced to discuss the
fiscal in detail. There are two ways to look at the pandemic year 2020-21-one marked by
disruptions, inconsistencies, and loss; and the other is the year's lessons on
adaptability, agility and resilience. With the pandemic prompting lockdowns and disrupting
businesses around the world, FY 20-21 was hard to gauge. There was significant contraction
in the first quarter due to the nationwide lockdown, and India's economy contracted by
7.7% during the course of the year. During such a difficult time of the pandemic, the
Government and the Reserve Bank of India (RBI) provided significant support to the Indian
economy by offering numerous stimulus packages, reducing interest rates, and providing
liquidity, all of which allowed the Indian economy to recover at a far faster rate. Our
economy gradually started opening up by the second quarter and signs of revival were
evident in economic activities. Business activities across sectors showed signs of
improvement in the second quarter, with the contraction narrowing down to 7.5%. The Indian
economy became the second to post positive
GDP results in the third quarter, after China. It was because of decreased
COVID-19 positive cases and multiple inoculation drives, there was an improvement in
public morale, which resulted in increased GDP - indicative of a positive outlook for the
global and Indian economy.
Always With Our Employees
Our people have been the backbone of the Company, and the driving force behind our
progress. Over the course of the year, we took proactive measures to protect our
employees' well-being. We made sure that our people stayed healthy by enforcing social
distancing and personal hygiene norms, as well as wearing masks at all times to prevent
the virus from spreading. We have thoroughly assured the safety of both permanent and
contract staff. We permitted our employees, who were stranded due to the lockdown, to stay
on the plant premises. The Company also provided them with food and