From the Managing Director’s Desk

Dear Shareholders

Passing the Baton Dear Shareholders, In everyone’s life there comes a time to pass the baton to the next generation. It happened in the year 1995, when Mr. K. Ramachandra Raju asked me to assume charge at the helm of affairs of the company he founded. After 27 years, it is my turn to do so.

As you are aware, I will be stepping down as Managing Director and handing over charge to Mr. K. Gautam, who has been chosen to lead the company from 1st October 2022. It is a natural progression for Mr. K. Gautam from the position of an Executive Director to Joint Managing Director, and then to the Managing Director. Over the years he has gained all round experience in dealing with various aspects of the operations of the company. I shall be handing over charge to him with the satisfaction that he has been groomed to the best of my ability. I hope that he will get the same support and cooperation from you that was extended to me in abundance. I shall of course be available to him as the Executive Vice Chairman to render help and guidance whenever needed.

The past 40 years have been both challenging and exhilarating. We have experienced depths of depression and heights of glory. It is a matter of immense satisfaction that we overcame every adversity with grit and determination as a team. At the same time we did not allow our successes to make us go overboard. We took each success as a stepping stoneto reach a higher, re-calibrated objective.

It has been a privilege to lead a team of executives, staff and workers who have shown exemplary solidarity. Moving on from a turnover of Rs. 45 crores in 1995 to Rs.2,254 crores in FY 2022, and increasing the net worth of the company from Rs.17.83 crores in 1995 to Rs.744 crores in FY 2022 would not have been possible without their steadfast support and whole hearted co-operation. I wish to take this opportunity to convey my heart-felt gratitude to them.

As I sign off, I wish to thank you, dear Shareholders, for being with the company through adversity and prosperity, and reposing confidence in me and my team. I hope we have been able to justify that confidence and live up to your expectations. I am sure that the same support and confidence will be reposed on Gautam and his team.

With warm regards,

K. Ravi
Managing Director