The key focus for CY 2013 was to improve the cash flow from operations, which management successfully achieved. The cash flow which turned negative at the start of the year turned into a operating cash flow of Rs 192 crore by the end of Dec 2013.

In CY'13, after many years of consistent export growth the company reported a 5% fall in exports largely due to flat Global service business from the Parent on YoY basis and lower hardware exports.

Exports constitute about 30-35% of total sales and there has been a consistent double digit growth in exports. Management is upbeat on CY2014 export growth and expects some green field project to be won from international market. In Q1 CY'14, there was no new Greenfield project announced.

Q1 CY'14 margin performance was on the back of low base of same period last year. Management expects margin for Q1 to be easily sustainable going forward for the rest of the year.

The company started the year CY 2014 with order book of about Rs 1440 crore, up by 28% YoY. Although not many significant orders were received in Q1 of CY 2014, management expects better execution of orders in CY 2014 as compared to CY 2013.

Not much activity is happening at domestic market in Process business. Regulatory clarity in Oil and gas space and Metal and Mining space is hurting the orders to be delivered and also resulting in lower pace of execution of the existing order book.

Building product and Control business is doing well specially in the Tier 2 and 3 cities region. Rupee volatility is a challenge and any sudden movement on both sides, cannot be passed on the current market.

Management is optimistic about the Global services business which should bounce back in CY 2014.

Overall management is cautiously optimistic about CY 2014.