Dear Shareholders,
The past year has been notable as the Company has been able to return to profitability.
This is due to the increased turnover and significant reduction in the interest burden.
The order backlog is healthy.The Company has received orders worth over Rs.680 crores
during the year mainly in the Water segment. The consolidated order book of the company
stands at Rs. 2688 Crores which gives good visibility for the next couple of years.
There has been a substantial increase in investments by the government, both at the
centre and the states in infrastructure development. Projects in the road and water sector
have been the particular focus. This has had a significant positive impact on our order
inflow. This has compensated for the slowdown in capex in the steel and power sectors. The
progress on the international project is also satisfactory.
The outlook is promising and we can look forward to sustained business in the coming
years.
At this juncture, I wish to express my gratitude and appreciation towards our
employees, customers, business associates, suppliers and bankers who have stood by us
during these trying times. Lastly, I would like to thank our shareholders for their
unstinted support.
Yours sincerely,
P D Karandikar (Din No.02142050)
Chairman