We are pleased to inform you that we have ended yet another successful year with satisfactory results. Our total income grew by appx. 32%, despite an increasingly challenging operating environment.
The year 2018-19 was a profound year with many achievements. With our acquisition of ABC Bearings, we made significant progress with a variety of new product lines. The acquisition helped us to expand our capacity, our customer base and our ability to increase participation in local and export markets.
It was also a proud moment for us when India’s first engineless Train 18 was rolled out with Timken Bearings. Also known as Vande Bharat Express, the train is capable of running at a speed of up to 160kmph. Being part of this historic moment was a feather in our cap.
Our accomplishments would not be as meaningful if we did not achieve them responsibly. We continue to implement responsible business practices, in our operations, in our supply chain, and with our stakeholders. For example, 1.267MWp solar panels were installed at both our Rail facility and our general Plant in Jamshedpur, resulting in emission reductions of more than 400,000 kg of C02 and — INR 1.2 Million in power savings.
During the year, we also continued to prioritize social initiatives in energy, environment, hygiene; we also provided scholarship grants to needy children and supported many health-related initiatives.
In an environment where clients are challenged to grow their top line, our experienced engineers help to solve our customers’ most difficult challenges, creating enduring value.
Moving forward, we will continue to invest in our capability building to secure long-term profitable growth. We will strive to focus on innovation notjust for growth, but to drive efficiency. Last but not the least; we will consistently endeavor to create an environment for our people to continually develop new ways to meet the needs of our clients.
We remain confident in our strategic direction as well as in our people, products, partners and programs. I would like to thank my Timken colleagues for their efforts in fiscal year 2018-19 and our shareholders for their continued support.
Chairman & Managing Director