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It has been a tumultuous year for industry as well as the country. The economy slumped and the economic indicators do not show any revival in the immediate future. The automobile industry has been one of the worst hit with most companies pruning production in view of tepid demand. MRF still registered a growth, with a turnover of over Rs.13,400 crores.
Our products continue to be the preferred choice of the customer even though many options are available in the market. It is indeed heartening that the company has been awarded the JD Power Award for the 10th time, a feat achieved by very few companies. We have also become the first Indian company to supply aircraft tyres to the Indian defence, joining the league of select global companies who have the expertise to manufacture these tyres.
Our Sri Lanka operations continue to be profitable and plans are afoot to increase its revenue further. The year ahead would be beset with political uncertainties, impacting the economic environment and one is awaiting clarity on our overall industrial and fiscal policies.
We are however optimistic and will continue to make investments in our existing plants to increase overall revenue and share.
K M Mammen
Chairman & Managing Director