Investors

Chairman's Statement

Dear Valued Shareholders,

I feel enthused and honoured to reach you through your Company's 26 Annual Report. I take the opportunity to congratulate our Hon'ble Prime Minister of India in his landslide victory in the 2019 parliamentary election. We trust that the nation, under his vision and dynamic leadership will steer into an economic powerhouse with inclusive development. The tone of Hon'ble Prime Minister in his parliament house speech “Sabka saath, sabka vikas, sabka vishvas” inculcates the confidence in Indians. We have full trust and confidence that India under his visionary leadership will thrive much stronger, unite the nation, promote a prosperous, democratic and integrated development agenda.

Gross Domestic Product (GDP) growth in India in the fourth quarter of financial year 2018-19 slowed down more than expected to 5.8% from 6.6% in the previous quarter. This was the lowest quarterly GDP growth rate in the last five years. Annual GDP growth in financial year 2018-19 declined to 6.8% from 7.2% in 2017-18.