Indian industry is passing through challenging and exciting times. New products are replacing traditional ones. Multinational companies are setting up base, while small local entrepreneurs are challenging established players. Within the last decade, there has been a transformation in how business is done in India. Many companies that have failed to change have suffered, as products have disappeared from shop shelves, giving way to the demands of new lifestyles.
Fortunately, our company has overcome the challenges by adapting to changes over the years. It has not only survived these challenging times, but also today emerged as a significant player in the market. We have constantly adapted to the changing needs of time.
As a result of continual efforts we are today truly confident of finding a place in the future. Naturally, this process of adaptation has called for considerable investments, and will no doubt call for more from time to time. However I am convinced that our company stands at a moment of history, where it is poised to make a transition into the bigger league. Our focus areas in hardened and tempered strips feed a variety of growth industries ranging from automobiles to white goods. In emerging markets such as India our growth is now inextricably linked with the growth of the economy. We are no longer dependent on the fortunes of niche products with individual life cycles.
I believe that the real story of your company this year is not in annual profit figures, but in added capacities, new technologies and fresh markets. It is in the growing reputation for engineering excellence and roster of prestigious clients. It is a story of the future uncoiling.