Dear Fellow Stakeholders
The macro business environment in the year under review was
characterized by uncertainty and volatility. The Company also
experienced extended prospect-to-award timelines. Nevertheless, the
execution schedule of our existing orders remained largely on track. We
also continued to gain significantly through our focus on competency
quality assurance and delivery. This ensured that the external
environment did not impinge unduly on our performance, and we could
successfully navigate through the economic cross currents to convert
profitable business opportunities into contracted customer commitments.
Your company posted yet another year of good performance with a
significant top line growth reflecting the robustness of its corporate
strategy of creating multiple drivers of growth. This performance is
particularly noteworthy when viewed against the back drop of the
extremely challenging business context in which this was achieved.
It is a matter of great pride to reflect on the enormous progress made
by your company over the last five years. Your company today is one
among the leading engineering company in India, one among the top
market leaders in manufacturing of process equipments, pre-dominant EPC
player in Metals & Minerals and Water Segments and complete solution
provider Concept to Commissioning.
Technology is defining our lives; technology is also shaping corporate
growth and leadership. Your company has always adopted contemporary
technologies to achieve the cost competitive position in engineering
and manufacturing to create new products/projects and to continuously
innovate through their sustained R&D efforts to enhance organization
effectiveness. We are constantly engaged through technical partnership
with global players to gain access to technology, markets, products and
projects to ensure long term sustainability and scalability prospects
of the company.
The world has trillion opportunities and aspirations. Your company
symbolizes opportunity to create wealth for the shareholders, provide
technology to the industrial sector and manufacture critical equipment
to the Power Sector / Oil & Gas / Hydrocarbon / Nuclear Power Plants.
This opportunity is growing at a faster pace than before and we are
already participating in new emerging markets like Iron & Steel
Industry, Nuclear Power Plants, Power generation from Waste Heat
Recovery Route with new enabling technology.
During the year your company secured first Global order from M/s.
Konkola Copper Mines (KCM), Zambia for Copper Refineryfor expansion of
the existing facility by 50000 TPAof finished copper production. During
the manufacturing business secured orders from Nuclear Power
Corporation of India (NPCIL), for manufacture of IFTM Shield Doors for
Nuclear Reactors, Water Accumulator & Gas Accumulators, Heavy Water
Storage Tank, D20-Heat Exchangers and Condenser for RAPP 7&8 Nuclear
Converting seawater into potable water with desalination plants throws
up increasing business prospects both in Domestic and Middle East
markets. Industrial opportunities in the form of effluent treatment
plants also offers an increased market.
With the evident growth in the mining and industrial components of GDP
coupled with a domestic imbalance in the demand-supply of steel, your
Company sees abundant opportunities in mining equipment and capacity
addition in the metals sector. Larger business prospects in Material
Handling is being driven by power capacity addition, increase in ports
and expansion of ferrous and non-ferrous metals production capacities.
Your Company''s heavy engineering facilities in Vatva located in Gujarat
is widely acclaimed for its world class design, manufacturing
capabilities and on-time execution track record of technologically
complex large sized equipment orders for process plants in India and
abroad. This is standing your Company in good stead when scouting for
business in domestic and international markets and is expected to
facilitate growth in Power and Hydrocarbon sectors.
We are gearing up for the next phase of growth through a combination of
our strategic initiatives and forging new partnerships with leading
Sustainable development is the key to an organization to survive and
thrive. Accordingly, we have set out on a multi-year journey to achieve
world class sustainable development through conservation of natural
resources environment protection, employee engagement and welfare
measures that affect different parts of society.
Your Company is committed to the pursuit of value creation through
profitable growth of its business and we reaffirm our commitment to
uphold highest standards of governance.
Before concluding, I would like to appreciate the efforts of all the
employees of this organization for taking your Company to greater
heights once again - this achievement would not have been possible
without their wholehearted and unstinting efforts.
I would like to thank all our Board of Directors for their unwavering
support and guidance and would like to take this opportunity to express
my gratitude to all our stakeholders, customers and associates of our
supply chain who have reposed confidence in us and extended their
S.C. Sekaran, Executive Director