The last mile of FY 2020 was a bookmark period for the entire world, as a global health
crisis brought all of humanity to a virtual standstill. We hope you and your loved ones
are all safe and have managed to pass through the stressful phase of Covid-19.
When we look back at the performance of the FY 19-20, it was a challenging year for
your Company. Globally, the economy was slow and factors at operational level like
prolonged closure of quarries, shortage of labour, heightened volatility in exchange rates
and tough competition from both domestic and International players also impacted the
overall results in the year under review.
Considering the external factors, though the business outlook for FY 2020-21 seems to
be challenging, but the Company is able to maintain the momentum with strong order book,
timely execution, concerted efforts to reduce overhead costs and managing working capital
and cash flows. The same has started to reflect in results for the current fiscal.
Investment in Engineered Stone plant at Oman will create good opportunity and is going
to be an important segment for the Company. Your Company is having over three decades of
presence in the Industry and is confident that this project will further strengthen our
network and customer base in US, European and GCC markets.
We as a Company are confident and our focus remains towards driving balanced growth
with our core strength, value of quality, Trust and Excellence and improved execution.
Through this, we are sure to win and excel further.
We sincerely thank our customers, the Board, Management, Unions, Business partners and
our dedicated employees for their relentless support and commitment. Thank you all for the
trust & confidence you have reposed in the Company.
Wish you a happy and healthy year ahead.
Madhav Doshi
CEO & Managing Director