Highlights of the AGM:

The FY 2017 performance of the company must be viewed against the economic challenges and little support from the manufacturing segment.

However, currently, the liquidity is improving at a gradual pace and remains a key concern for the company, dealers & distributors.

In FY 2017 it delivered higher volumes in consumables that further strengthened its industrial leadership.

The company aims to become best-in-class enterprise known for continuous innovation in products & solutions with significant growth by FY 2019-20, notwithstanding the economic or market scenario.

In FY 2017, the company developed products with greater performance / productivity in Defence, Oil & Gas, and Wind Power industries. These initiatives have enhanced its market share in varied segments.

To grow, the company is banking on innovations. It has taken innovations at all levels in the company. This enables it to offer customised solutions which results into higher customer satisfaction index.

The company has pursued with customer focus & move fast, break barriers mantra for growth.

Automation business and PEB performed exceptionally well owing primarily due to the launch of new products and successful commissioning of projects during the year.

In FY 2017 the company ventured into a project outside India (for the first time) in Kuwait, related to Oil & Gas industry, which will be completed by September 2017.

Its R&D setup is geared up for NABL accreditation which is expected soon. This will benefit self-certification in product testing area and will enable it to reach new products to the market faster.

The company has played a significant part in India's industrialization and infra development.

Venturing into turnkey project engineering business has further improved its market leadership.

Its Project Engineering Business (PEB) is a multi-disciplined SBU that provides services like design, manufacture, erection & commissioning process, mechanical, electrical and instrumentation of process packages, process equipment, flare system & components, LSTK Turnkey projects and EPC contracts.

Focus on manufacturing efficiency to build a cost advantage will give it competitive edge in the market.

The management expects business sentiments to improve.

In FY 2017 margins were under pressure due to introduction of MIP by Government which allowed domestic steel manufacturers to raise the prices of steel. This rise in steel price took place in a subdued market condition.

The company was unable to pass on the price increase to its customers.

Implementation of GST is expected to establish a level playing field in the industry.