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Action Construction Equipment Chairman's Speech > Engineering - Heavy > Chairman's Speech from Action Construction Equipment - BSE: 532762, NSE: ACE
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Action Construction Equipment

BSE: 532762|NSE: ACE|ISIN: INE731H01025|SECTOR: Engineering - Heavy
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Chairman's Speech (Action Construction Equipment) Year : Mar '17

Dear Shareholders,

I am happy to report that our financial and operational performance in FY 2016-17 was commendable in a challenging business environment. Our focus on delivery and growth continued to yield results in what was a difficult year for the sector where we operate. Our Company generated PBDIT of Rs. 5018 lakh for the year. Our strong balance sheet and conservative financial profile is reflected through our strong credit rating.

It was yet another difficult year for the global economy, characterized by low growth and geopolitical uncertainties. In India, rural demand continued to be sluggish in the early part of the year. The overall market showed signs of recovery in the latter half of the year but faced a temporary slowdown in November due to demonetization. India is on the growth path.

I believe that the forthcoming year holds promise of improvement as far as investment momentum is concerned. The Government’s focus on a slew of recent initiatives like, make in India, Smart cities. Railways, Irrigation, highway projects, water revitalization, rural and urban development, affordable housing projects, housing to all by 2022, focusing on improving rural infrastructure, aiming for a smooth flow of agriculture credit and funding under various irrigation schemes and other growth-stimulating infrastructure, places your company in a favorable position. We are future-ready to capitalizeon theemerging opportunities.

The introduction of GST is a significant reform measure and will overtime help India in simplifying tax structure and compliance, aligning it with practices in developed countries.

By virtue of our engagement in the core sectors of the economy - agriculture, infrastructure and construction, our businesses make a unique contribution to the growth and development aspirations of the nation.

A sharp focus on marketing, our vibrant customer relationship, coupled with continuing investments in R&D is the mantra to ACE next level of growth. The Company believes in providing products suitable to the market requirements. R&D is providing the impetus to take forward this mindset. Our dedicated R&D Centers have sharpened our focus on various innovative product categories and helped us launch new products that are in tune with customer needs. We are alive to the realities of technological challenges. Our R&D teams are working on all these areas to ensure that ACE always remains the forefront of innovation and keep breaking new paths in customer satisfaction.

Our Social Responsibility and Sustainability efforts continue to win us laurels. We undertake these with same beliefs and conviction as we do our commercial activities. What makes us different from others is that we have made these efforts intrinsic to our commercial activity or strategy, and not something that we are forced to do by regulatory mandate.

We invested in creating capacities and expanding our manufacturing base, products, and product support network. This was done to be able to cater to demand as it picked up.

In the year 2017-18, we will continue to strive to set higher benchmarks of performance and strengthen our engagement with our stakeholders. Our strategy is in place to build stronger partnerships among our suppliers and dealers, broaden our distribution network and expand our coverage to maximize reach. We are working towards cost optimization, lean processes and proficient operations to enhance our profitability.

We are looking forward to continue on our mission of generating sustainable value for our stakeholders. I would like to place on record my sincere appreciation to the Board of Directors for their guidance. I would like to express my gratitude to all our stakeholders for their continuing faith in ACE.

With best wishes.

Sincerely,

Vijay Agarwal

Chairman and Managing Director

Source : Dion Global Solutions Limited
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