Dear Shareholders,
I am pleased to share with you news of yet another exceptional year of
performance of your Company in 2024-25. It was a year in which the Company made remarkable
progress towards excellence and achieved new milestones.
India continues to move forward towards its goal of becoming the
world's fastest and largest economy. Under the leadership of our Honorable Prime
Minister, the nation remains undeterred despite number of challenges. There are number of
dynamics in any trade treaty negotiations and we are confident that the nation's
interest will be paramount in any trade agreement. We are confident that various trade
agreements will open new opportunities for your Company. Export constitutes a very
critical part of India's growth strategy and strengthening of foreign exchange
reserve.
Your Company has navigated these times of global uncertainty with
deftness and maturity. While exports have seen good growth, we understand the need to stay
vigilant and nimble.
Your Company continues to invest in new value added products while
keeping a close eye on staying competitive in existing product mix. We are in advanced
stages of forging meaningful partnership to enable access to world class technology and
new markets. Various capital expenditure plans are on track and benefits of these will be
reaped in future years. We see new opportunities in defence, automobile, sub-sea pipelines
and high end import substitution products. We will continue to pursue these new
opportunities for enhancing our product offerings and expanding margins.
One of the biggest threats that your Company has faced in recent times
has been the unfair and unethical trade practices by China. It continues to circumvent and
exploit various loopholes in the system to dump pipes into Indian market. This not only
threatens the industry but also puts at risk our critical national energy assets. We have
taken up the matter with the Government of India and are sure that remedial measures shall
be taken. The Make in India initiative by the Prime Minister has boosted private
investment and encouraged Indian entrepreneurs to broaden their vision. Such unfair trade
practices by one nation cannot be permitted to jeopardize all the good work. In this
spirit despite this emerging threat, your company has allocated substantial sum towards
future expansion.
Your Company has always been on the forefront of nation's dream of
achieving complete energy independence. Wide fluctuation in oil prices puts the economy
under tremendous stress and gives strategic leverage to oil producing nations. The need of
the hour is to aggressively explore new oil reserves in India and bring them into
production. Your Company is committed to march hand in hand with the Government in pursuit
of this strategic goal. Generating domestic energy is the key driver for sustaining the
country's GDP growth and needs to be one of the top priorities for the Government.
Your Company has been investing in enhancing its R&D and Quality testing facilities.
Your Company's pipes are world class and compete with the best in
the world. They are tested under most stringent conditions so that they are able to
sustain the high temperature and high pressure conditions. Your Company has been
accredited with the most sought after certifications and is recognized globally for its
world class quality. The Company plans to further add latest quality testing and
inspecting equipment. Your Company has been able to achieve remarkable success over
several decades due to strong support of its customers, dealers and partners. Your Company
has always believed in the philosophy of ‘customer first". We have been guided
by the aspirations and expectations of our customers and shall continue to march on this
path
Our team of dedicated staff and workers are the key to our success. It
has been their untiring efforts that keeps your Company on path to continuous excellence.
They are our source of some of the best ideas on operational improvements, cost saving and
motivational initiatives. We are committed to continue investing in upgrading their skill
and knowledge. Your Company believes in ensuring the welfare of its workforce and their
families. Healthy workplace and proactive Human Resource development initiatives are
amongst the top priority of your Company.
Your Company has been the leader in promoting general welfare of
thousands of people connected directly and indirectly with your Company. Several CSR
initiatives have been taken to help the poor and provide them with lifetime opportunity to
gain financial independence while enjoying good health. Free medical assistance and
subsidized high quality education is being provided to the weaker sections of the society.
This is the only way to have an inclusive growth for our nation. I would like to conclude
by thanking our shareholders, bankers, customers, suppliers and employees for another
successful year.
I also express my deepest gratitude to the Government of India for the
momentum it has provided to businesses in India and encouraged private and public
investment in Infrastructure. It is our privilege that we are witnessing this golden era
of unprecedented growth and development of this great nation. Your Company shall be
amongst the leading torch bearers of the country as it marches towards the goal of
becoming one of the largest economy in the world.