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RACL Geartech

BSE: 520073|ISIN: INE704B01017|SECTOR: Auto Ancillaries
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RACL Geartech is not listed on NSE
Mar 16
Chairman's Speech (RACL Geartech) Year : Mar '18

Dear Shareholders,

I am pleased to welcome you to the 35th Annual General Meeting of RACL Geartech Limited.

Economic Overview:

My fellow shareholders, I find it most heartening that the Government has taken the decisions of implementation of GST, demonetization, the promulgation of the new Insolvency and Bankruptcy Code, functioning of National Company Law tribunals all across the country. Focus on NPA’s in Banks, Real Estate (Regulation and Development) Act and crackdown on Black money, among other steps, will push the economy to act in much more transparent and organized manner. At the same time, various initiatives such as affordable housing, digitization of economy, Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) Scheme, the Urban Development strategy for the next 20 years, aimed at development of rural and urban areas, with housing for the poor as an objective, development of 100 smart cities, Atal Mission for Rejuvenation and Urban Transformation (AMRUT) for 500 cities etc. will provide enormous opportunities to those who are able to conduct their business in a sound and fair manner. I consider this as an opportunity for the youth with varying degree of skills to gainfully associate with the economic progress of the country in collaboration with organizations and processes that are endurable in the long run.

Performance Highlights:

Your Company has reported a Total Income of Rs. 140.11 crores for the financial year ended March 31st, 2018 as compared to Rs. 124.32 crores during the same period in the previous year, representing a growth of 12.70 %. Profit before Tax at Rs. 8.64 crores increased by 33.12 % from Rs. 6.49 crores, while Net Profit grew by 59.38 % to Rs. 7.22 crores from Rs. 4.53 crores in FY 2016-17.

Striding towards our Growth Plan:

Strategic charter of RACL Geartech has been conceived with an action plan called “GEAR”. The four pillars that support the “GEAR” framework are Growth, Excellence, Accomplishment & Relationships. Growth being a focus area for the company, RACL has conceived a detailed action plan for achieving inclusive Growth in Revenue, Profitability, Return on Capital Employed, Shareholder Value, Capacity Utilization, productivity and the top & foremost is our vision for creating employees’ happiness & prosperity.

RACL is able to maintain its leadership steadily & consistently in the field of high performance product Portfolio, duly supported with significant investments in technological and engineering skills, digital technologies, brand building, as well as, resource creation activities.

Building Sustainable work culture:

Our strong corporate culture is fundamental to our business success. Board of Directors of the company is playing very constructive & pivotal role in defining the work environment of the Company by promoting values-based code of conduct. The company’s work culture is being transformed with six core values: Authenticity, Excellence, Learning, Caring for our people, & performance with code of ethics. It has created a work place, where our people have a strong sense of integrity and ownership.

CSR focus

RACL Geartech Limited has always believed in sustainable and responsible growth led by its values. The Company’s CSR efforts endeavour to support the less privileged, rural and urban communities in the country at large, with a focus on sections of the vulnerable and marginalized local communities that live in close proximity to its manufacturing facilities in semi-rural locations.

In Conclusion

I offer my heartfelt gratitude to all our employees and business associates for their dedicated contribution to the Company’s performance and growth over the years. We truly value the continued patronage of our esteemed customers. Bankers, Central & State Govt. organizations, our supply chain partners & topmost & foremost our employees whose dedication & commitment has taken the company forward to achieve our goals of success. I convey my sincere thanks to my colleagues on the Board of Directors for their active guidance and support. And finally, I thank you, our deeply valued shareholders, personally and on behalf of the Board, for your continuing confidence in RACL.

GURSHARAN SINGH

CHAIRMAN & MANAGING DIRECTOR

Source : Dion Global Solutions Limited
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