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YOUR CHAIRMAN SPEAKS:
Your company has performed best in its chosen business area. Our efforts to consolidate our position in the chemical business are fructifying despite a choppy global economy. The revenues have gone up by 41.15%. The PAT has gone by 94.56%.
The growth momentum of the Indian economy showed a slow down from 8.4% in FY 2011 TO 6.9% in FY 2012. The growth in industrial production came down from 8.2% in FY 2011 to 2.8% in FY 2012. The FY 2012 has been a challenging year for the Indian economy marked by a global economic slowdown, currency volatility and some prominent countries encountering severe liquidity issues.
The global economy has withstood the recession though its recovery has been rather sluggish. The global economy is regaining a measure of stability and confidence. But the risks of growth remain. The Natural disaster in Japan left the world shaken and created a demand for chemicals. The situation looks unsteady once again with problems in the Euro Zone. The IMF projects a decline in the global economic growth from 4% in 2011 to 3.5% in 2012 and a pickup to 4% in 2013. The US growth rate of 2% and a 6% growth rate of emerging economies are offset by the signs of slippage of Euro Zone again into recession. The outlook for the global economy is neutral to cautiously positive, subject to a major upswing in economic prospects of Europe and other major trading blocks.
I am optimistic that reduction in energy cost and addition of downstream products will leverage our performance in the near future.
I am a firm believer that our people are the single most important enablers from every perspective. It is with a sense of deep pride that I share with you the fact that our continuous investment in the people area has paid rich dividends.
I wish to take this opportunity to thank all the employees of our company who have worked diligently in the process of achieving the goals of the company, I am also grateful to the Independent Directors for their significant involvement and guidance. I would also like to thank our bankers, our investors, our and business associates and above all our shareholders for their continuing support for their continuing faith, trust, encouragement and support to the company.
Ashok G. Rajani