Dear Shareholders,
On behalf of the Board, I'm delighted to report another year for Galaxy Bearings as we
continue our focused efforts towards pursuing our long term objectives. The COVID-19
pandemic has brought unprecedented health crisis in our lives. And witnessed the most
unpredictable times for businesses around the world. During the Financial year 2020-21,
your Company has earnings before interest, depreciation and tax amounting to Rs. 1213.49
Lakhs after providing for finance cost of Rs. 16.94 Lakhs and depreciation of Rs. 142.90
Lakhs, Profit before tax comes to Rs. 1053.65 Lakhs which was Rs. 692.69 Lakhs during the
financial year 2019-20. As your Company is well-positioned to leverage opportunities.
Firmly driven by its strategic focus on digitalization, world-class manufacturing, future
workforce equipped to face the future with its strong resolute. This enables the Company
to offer a comprehensive product portfolio to its customers, emphasizing high-quality
standards and service aids, delivering value and sustainable growth.
From the very beginning of the pandemic, your Company top Priority is the well-being,
health, and safety of our own employees, who are vital to support our customers and the
communities we operate in. Considering the potential risks of safety we have implemented a
number of preventative and precautionary actions with immediate effect to ensure employee
well-being and continued service of our customers.
Looking ahead, while demand for bearings remains fairly stable, We remain committed to
growth and the inherent on our business model, sustainable relationships built over the
years and our people give us the confidence to achieve lot more in the decades to come.
On that futuristic, optimistic and positive note, ladies and gentlemen, thank you once
again for being part of this journey.
| Regards, |
| Bharatkumar Ghodasara |
| Whole-Time Director, |
| Galaxy Bearings Limited |