Dear Shareholders,
I am pleased to share with you the news of another exceptional year for
your Company. It was a year filled with some exciting achievements and milestones.
The country stood out in the world with highest growth rate with
unprecedented domestic and foreign investment. Viksit Bharat is a dream which the country
is collectively committed on fulfilling by 2047. The next two decades will propel India to
the position of being the largest economy in the world. Your Company will proudly
contribute through world class products and services in this endeavor.
Your Company successfully added higher value products in its armory
which will open new markets for your Company. Some of the highly sophisticated
applications like subsea and drill pipes have been introduced successfully. These
products, amongst others like cylinder pipes, will substitute imports and strengthen the
country's resolve of Atmanirbhar Bharat.
Your Company commands leadership in seamless pipes and shall continue
to strive for greater value addition by investing in state-of-the-art technology. We are
actively pursuing opportunities to add premium threading facility which will strengthen
financial robustness of your Company.
While the demand for seamless pipes in domestic market has been robust,
there has been a slowdown in some of our export markets like USA and Canada. Your Company
is addressing this challenge by actively engaging in new markets through participation in
exhibitions and customer meets.
Your Company is committed to make all efforts to make India energy
independent and towards this goal we continue to build capacities for products used in oil
& gas and power sectors. New projects in renewable energy are being constantly
explored. Your Company continues to be committed to invest in R & D and quality
testing facilities. Seamless Pipes from your Company are recognized worldwide for their
quality and dependability. The Company plans to add new equipment to further enhance
finishing and testing facilities.
Your company has been at the forefront of social welfare initiatives
for thousands of people connected directly and indirectly with your company. Free medical
assistance and subsidized high quality education is being provided to the weaker sections
of the society. This is the only way to have an inclusive growth for our nation.
I would like to conclude by thanking our shareholders, bankers,
customers, suppliers and employees for this successful year. I also express my deepest
gratitude to the Government of India for the momentum it has provided to businesses in
India and encourage private and public investment in infrastructure. It is our privilege
that we are witnessing this golden era of unprecedented growth and development in this
great nation. Your Company shall be amongst the leading torch bearers of the country as it
takes the role of a global leader.
Thank you and Jai Hind.
D.P. Jindal