We marked the 5th anniversary of the Mahindra CIE with results that I hope have given all the stakeholders as much satisfaction as it gives the entire team of 12,500 people across the globe that Ander and I are privileged to lead under the guidance of your Board and that of CIE.
The confidence of customers is reflected in the growth of both top and bottom line as the Global Teams have come together as one and are performing better than ever despite the tougher overall market conditions in both Europe and India.
That performance is underpinned by both better operations and structure.
The former has been achieved by tighter integration and cross pollination of ideas and best practices as both CIE and MCIE teams have visited each other’s facilities and learnt from each other. The effectiveness of that process is reflected in improved productivity and margins.
The latter is being achieved by simplifying the legal structure of our subsidiaries. All subsidiaries in Europe are now brought under Gal for, and in India your board has approved the merger of Bill Forge in to your company.
The efficacy of both the initiatives and the consistent delivery on our strategic commitments reflects in our group’s financial strength. And by the confidence that shareholders large and small have reposed in us which is most emphatically manifested by parent CIE which has increased its stake in your Company by 5% taking its overall shareholding to 56%.
We have positioned your Company as one of the leading publicly held Automotive Component companies in India. We are determined to build on this base by leveraging value accretive opportunities that continue to come our way as consolidation marks the industry with OEMs looking to partner with well capitalized suppliers who can serve them with the best in class technology and products..
Ander and the entire team deserve to be recognized for having built systemic capability which will be instrumental in our quest for delivering operating results consistent with our aim of generating better Returns on both Equity and Capital Employed.
Thank you for the trust reposed in us and we pledge to try harder.
Chairman - Mahindra CIE