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companylogoTIL Ltd

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BSE Code : 505196 | NSE Symbol : TIL | ISIN : INE806C01018 | Industry : Engineering |


Chairman's Speech

Dear Shareholders,

I present the 48th Annual Report of your Company for the financial year 2022-2023.

TIL suffered yet another difficult year marked by multiple challenges. While having a strong order book for cranes, reachstackers and defence equipment, the production bottlenecks, delivery delays, abysmal supply chain issues, intense pressure on cash flow and crunched resources formed a vicious cycle. This in turn took a heavy toll on the overall performance. That said, it was also another year that saw the sheer resilience of team TIL in navigating the continuing adversities - instilling anew my pride in team TIL. The support and confidence demonstrated by the management, staff and workers were exemplary and what case histories are written about.

The Management Discussion & Analysis (MDA) section of the Annual Report has detailed out the issues and challenges that affected your Company's business performance. The financial statements and notes to accounts sections in the Annual Report also provide the detailed analysis. Notably, in spite of the negative performance, cash flow challenges, production and delivery impediments, TIL still remains the preferred choice of customers. This was further reinforced by fresh orders in the year under review and the total order book as on 31st March 2023 stood at Rs. 233.70 Crs. In the day and age when loyalty most often is unpredictable, the consistent trust and goodwill of our customers are cherished assets for which we are truly grateful. The customers are eagerly awaiting a speedy solution to the current situation, as evident from the growing order backlogs.

In order to mitigate the stressed situation, revive the business operations and ensure financial stability, your Company decided to induct a strategic investor with the purpose to infuse funds and to take over the management of the Company. This decision also stems from the fact that after me there is no successor to continue your Company's business operations.

It was announced in the EGM dated 23rd December 2022, that Indocrest Defence Solutions Private Limited, a part of Gainwell Group has been identified as the strategic investor. It has the right synergy with TIL's current product line, possesses domain expertise in selling and servicing infra equipment and has the best sectoral and customer fit. I am optimistic that the strategic measure will herald positive tidings and offer substantial opportunities for the revival of your Company. The new investor

Gainwell Group had earlier acquired the Caterpillar dealership back in 2016 and has been running the business commendably. They have retained most of the current employees having rich experience and expertise. In other words, the new investor will hit the ground running.

Looking at the macro environment, India shines on as beacon of optimism, amidst uncertain global growth outlook. The whole world today is bullish about our nation and its indomitable spirit. It is extremely encouraging to see that the Government's focus on creating infrastructure driven growth is gaining momentum. The National Infrastructure Pipeline (NIP), PM Gati Shakti, National Master Plan, Public Private Partnerships and Atmanirbhar initiatives are laudable measures that have significantly accelerated infrastructure development, driving the country to higher growth trajectory.

The Construction Equipment (CE) sector too is showing an upward trend with the ongoing and upcoming project pipeline. The Government has undertaken a slew of measures to give a fillip to the road sector growth, removing pre-construction bottlenecks and expediting project execution. The Centre has already targeted an increase in highway construction in the current fiscal and the National Highways Authority has planned to award 6,000 km in 2023-24 under HAM and EPC modes. There is also a strong focus on leveraging the full potential of

the port sector. The Sagarmala project, Maritime India Vision 2030 are playing key roles in developing port infrastructure. This in turn is expected to strongly position your Company to capitalize on the opportunities in the Infra, CE and Port sectors.

Defence having a crucial national significance is another potential area for your Company. The Government's efforts to reducing import dependency, encouraging self-reliance are very positive signals on the defence front. Your Company is proud to have been associated with Indian defence since several decades - emerging as a preferred choice of our nation's defence sector. As outlined in the MDA, the defence orders received by your Company is more than 50% of the total order book and TIL continues to put laser focus on leveraging the defence opportunities.

Going forward, TIL with the new investor in place will be strongly positioned to continue its 79 years of legacy, ensuring revival in the business performance and expansion that will benefit all stakeholders.The induction of Gainwell will also make sure that TIL remains a trusted and preferred partner in the domestic and global infrastructure landscape.

On behalf of the Company, I extend my gratitude to the Directors of the Board for their guidance and encouragement. I also take this opportunity to express my gratitude to all our customers, employees, bankers and suppliers for their enduring support. And finally yet importantly, I extend my sincere appreciation to all our shareholders for their continued support and trust reposed in us.

Warm Regards,

Sumit Mazumder

Chairman & Managing Director

   

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