Shree Tirupati Balajee FIBC Ltd
Chairman Speech
Dear Shareholders,
As we all know, 2020 has been a uniquely challenging year and we have all been impacted
by COVID-19, both in our professional and personal lives. Amidst a very challenging
business landscape, your Company remained steadfast in executing its strategies,
sustaining operational efficiencies, maintaining customer centricity, and ensuring cost
discipline leading to a strong financial performance and increased shareholder value
— which you will see in this report. Our business was impacted in March 2020 as
COVID-19 spread nationwide which led to a complete lockdown of the country for over six
weeks. There were signs of gradual recovery towards the end of first quarter.
Financial performance and strategic progress
The COVID-19 pandemic has brought unprecedented health crisis in our lives and we have
witnessed the most unpredictable times for businesses around the world. This posed
significant headwinds, including lockdowns, travel restrictions, supply chain disruptions.
Your Company clocked Net Profits of INR 4.77 crore, up from INR 3.58 crore in FY2020-21.
Revenue stood at INR 117.21 crore as compared to INR 111.22 crore a year ago. We continued
to drive execution on our strategic priorities, with a disciplined cost and investment
approach. With a long-term vision in mind, we are transforming our ways of working with
digitalization across the full value chain. Reflecting on this performance in the backdrop
of an extraordinary crisis makes it even more commendable, demonstrating the resilience
and the spirit ofwinning ofour people.
Ensuring health and safety ofour employees
Underlying our exceptional performance is the efforts of our people, who showed
tremendous resilience, responsibility and resolve to support one another, our customers,
our communities, and our suppliers. We are incredibly proud of them and theirfamily
members who stood by us during these times.
From the very beginning of the pandemic, your Company prioritized the well-being,
health, and safety ofour own employees, and ofour suppliers. We implemented comprehensive
hygiene standards across all our locations andprovided our employees with clear guidance -
including introducing a structured program on safety behavior for line managers and
blue-collar employees, for encouraging and implementing mandatory safety protocols
organization-wide.
Your Company formed a special taskforce to monitor the situation on the ground and take
necessary measures to support the employees in their time of need.
Giving back to our communities
The events of the past year have demonstrated that societal issues disproportionately
impact the most vulnerable. We continued deepening our relationships in the communities we
serve as part of our Community Care initiatives. We are using our resources, ingenuity,
and collaborations with local municipal corporations to support our communities in the
areas ofeducation, skill development, employment, and environmental sustainability. Your
Company took several measures to strengthen communities that have been disproportionately
impacted.
Looking forward - 2021 outlook
While we entered 2021 with a robust balance sheet, deep customer relationships, a
strong brand and strategically positioned business, the country has been severely impacted
with the second wave ofthe pandemic. With the virus resurging in parts ofthe country, many
states are still under lockdown and people are working from home. Keeping this in mind, we
expect our fiscal year 2021 to be difficult, particularly in thefirst two quarters.
However, we are hopefulfor a timely and efficient vaccination program and a return to
Pre-COVID- 19 levels of business. The effects of second wave of COVID-19 have not changed
our strategy and we remain confident of the growth opportunities ahead.
In closing, I would like to take this opportunity to thank the Board ofDirectors for
their continued support, our employees for the year they just delivered, and the
commitment with which they serve our customers, and our suppliers for their collaboration
and support. Lastly, I would like to thank our shareholders, for the trust you continue to
place in us and for supporting us in our growth journey. Looking forward, we remain
optimistic about better days, and are focused on improving our capabilities and
efficiencies to deliver value for our shareholders while taking the Company to greater
heights.
Regards
Binod Kumar Agarwal
Chairman & Managing Director
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