It gives me immense pleasure to be able to communicate with you, once
again, at the end of an exciting year and also present to you, your
Company''s Annual Report for the year ended 31st March, 2015.
The last year commenced with very high expectations of economic revival
and strong growth due to a new Central Government. However, despite
multiple initiatives by the Central Government, India could not
register significant growth due to the drag by multiple geo-political
factors like the political and financial crisis in Europe, lack of
global demand, appreciation of the US dollar, high interest rates, etc.
On the positive side, the fall in the commodity and oil prices have
helped to reduce the inflation.
Despite the Global headwinds, India could grow at 7.3% in FY 2014-15.
Going forward, the future outlook looks positive, as further reforms
and easing of the interest rates are likely to boost the Indian economy
and the country may be heading for double digit growth 2-3 years, from
In FY 2014-15, the combined growth of the entire Indian automotive
industry was 8.68%. However, the growth in domestic passenger vehicles
was at 3.9% only.
During your Company''s three decade journey in the automotive industry,
we have always been a leading manufacturer of automotive parts, in our
product segments. We have always been and are continuously investing in
technology and we are rapidly improving the skills and knowledge of our
people. Further, we are constantly associating ourselves with global
technology partners and are benchmarking our operations with the best
in the world.
During the year under review, your Company''s revenue from operations
increased by 29.07% over the previous year. The Profit after tax (PAT)
registered a growth of 120.14%. Your Company was able to improve upon
its PAT margins from 2.1% to 3.78% of sales. We have been growing at a
CAGR of 13.75% during the past 5 years, despite the stagnation in the
Indian economy and in the automotive market.
During the year, your Company successfully commenced production at its
new plant at Pathredi, in Rajasthan.
I am happy to inform that as part of our Corporate Social
Responsibility (CSR) program, your Company is pursuing-Education for
the underprivileged children.
I also take this opportunity to express my sincere gratitude to our
customers, stakeholders, technology partners, financers, employees and
suppliers for their unstinted support over the past several years.
Without their valuable and continued contribution, we would not have
reached, where we are today.
Ajay Kumar Jain
Chairman & Managing Director