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VC & MD's Desk |
Dear Stakeholders,
It is indeed my pleasure and privilege to share with you our achievements and the way we have positioned ourselves in terms of increased capacities and the levels of integration. Over the last few years, we have been able to accomplish our mission with values that guide our business approach and culture. We have laid a strong foundation of responsible corporate management geared towards long-term value creation in the constantly evolving business environment. This definitely ensures our commitment and service towards our customers and all stakeholders.
The macro challenges on the global front have increased manifold over the last one decade and that has forbearance on the future growth of the world economies. However, Indian economic parameters are robust and given our demographic profile, the economy is poised to unfold newer horizons for future sustainable growth. Stainless steel consumption in India currently stands around 2 million tons and given the Indian government's prioritized focus on infrastructure development, the market potential looks strong.
In backdrop of this positive scenario for the industry, I take greater pride in our collective team work and its astuteness in how we have consolidated our position. I am confident that these initiatives of foresight will accelerate our trend of good performance.
Our new stainless steel facilities at Jajpur, Odisha is aptly poised to make the best of the increased stainless steel demand advantage in the domestic market.
The company has sourced all its major capital equipment from leading equipment suppliers like SMS- Siemag, Siemens VAI, Andritz Sundwig and has also employed modern technology for the development of integrated stainless steel facilities. The Odisha Plant has high level of backward integration with ferro alloys and thermal power plant. As we move forward, we plan to expand the existing stainless steel capacity at Odisha to 1.6 million tons. This Odisha Plant is one of its kinds with all the facilities under one roof.
At the same time, company's initiatives towards green environment continues and all the necessary equipments have been installed to effectively reduce the emissions including coke ovens which currently operates in one of the cleanest environment as major by-products and flue gases are trapped separately on best commercial basis.
Jindal Stainless achieved a turnover of Rs. 7,330 crore, representing an increase of around 20% over previous year. Profit after tax was Rs. 318 crore compared to Rs.378 crore in the previous year.
Our aim is to build a more stable and profitable business model by focusing more on special grades and non-nickel containing ferritic grades in our product mix. We shall also feed our growth by increasing sales to end-users and project customers while also selling more to our core partner distributors and processor customers.
The company's initiative of development of downstream ventures like service centres under Jindal Stainless Steelway Ltd, state-of-the-art fabrication units under Jindal Architecture and development of retail network under Jindal Lifestyle has shown substantial growth in turnover in these entities over last 2-3 years. Jindal Architecture is catering to the increased demand of stainless steel fabrication from Architecture, Building & Construction sector and Automotive, Railway and Transport sector.
Our most productive investment remains our people. It is through their collective dedication, skills and initiative that Jindal Stainless has prospered and will continue to move ahead.
We have always shown our commitment to our team members by providing a safe work environment with opportunities for skill development and growth. Such a devotion to our people is the cornerstone of our efforts to further improve the sustainability of our operations.
I would like to take this opportunity to thank all of our employees, the management team and Directors on the Board for their unwavering contribution toward the growth of the company.
I extend my sincere thanks to all our lenders for their continuous support in our operations.
Finally, I would like to take the opportunity to thank our customers, investors for their continued loyalty and our people for their great efforts.
Ratan Jindal
Vice Chairman & Managing Director
Jindal Stainless Ltd.
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