Our resilience has always been a key to our ability to overcome all challenges to pursue our growth strategy dedicatedly and committedly. It is really the pivot of our success strategy.

In addition, our global reputation and the strong market position we have built over the years gives us a huge competitive edge that steers our performance from one milestone to the next. With our deep-rooted understanding of the market needs and trends, we have always been successful in keeping our finger on the pulse of the customer aspirations. Over the years, we have progressively deepened our customer understanding, in order to continuously align our technological strengths and product innovations to them. This deep understanding, backed by our pioneering offerings, is a powerful driver of our growth strategy, which is focussed on enhancing stakeholder value and augmenting their returns on investment, year-on-year.

We have leveraged these core strengths to create a track record of excellence for our customers, partners, shareholders and employees, which I feel is the biggest driver of our strategic approach. Amid the COVID crisis, we also successfully deployed our robust digital framework to maintain business continuity and keep downtime to the minimal.

Yes, COVID brought unprecedented problems for businesses and industries globally. We were also impacted, and suffered significant losses as a result of the crisis. Apart from the logistics bottleneck resulting from the lockdown and suspension of travel in many countries, including India, several customers faced difficulty in achieving financial closure as well as budgetary constraints. The Company’s short-term outlook took a hit in the last quarter and the situation was still quite discouraging as we moved into the new fiscal.

Our immediate focus during the crisis was on securing the health and safety of our employees while maintaining business continuity. It was undoubtedly a challenging task, but our people rose to the occasion and worked closely with the management in facilitating the transformation to the new way of working in the changed business environment. I am happy to say that we successfully resumed our production facilities in a phased manner in the last week of April, with strict adherence to the COVID safety protocols and in compliance with the guidelines issued by the Government of India.

Revival of manufacturing operations was backed by resumption of order bookings, which we started doing by aggressively deploying digital technology. Since April, we have started leveraging our digital network in a big way, and are also investing in more digitally advanced softwares and automation-led technological interventions. Digital Platforms are now being used extensively to stay in touch with customers, who have been highly appreciative of our webinars and virtual walkthroughs of our facilities.

It is our belief that once the COVID crisis eases off, we shall be able to get back quite quickly to rebuilding and reviving the business, in order to achieve our preCOVID targets in line with our anticipated strategic goals.

These are ongoing efforts at Triveni Turbines, and we have been proactively pursuing ground-breaking new ideas and methodologies to boost production efficiencies. During FY 19, we had initiated several cost control and value engineering measures, which had started showing results during the fiscal under review. The production of our new high efficiency product line has stabilised, and the impact of it is already reflected in the margins.

Aftermarket business, in particular, has seen a slew of fortification measures, with increased focus on turnkey services, automation, refurbishment and efficiency improvement solutions designed to the needs of not just the Triveni brand of turbines but turbines of other brands too, across industrial segments and locations. We have augmented our R&D focus to drive increased innovation to provide customised power solutions to our diverse customers, thus bringing to the table exceptional offerings which make us the preferred partner across industries.

Our thrust on continuous development of cost competitive and efficient environmentfriendly models, structured to reduce carbon footprint, has also given us a strong edge in the domestic and global market. At the same time, we have been focussing increasingly on new markets to minimise regional market risks. The deeper market penetration we have achieved in new geographies has helped reduce the concentration of business in existing markets, within and outside India.

We are aware that the short-term disruptions caused by COVID will cause volumes to remain subdued in the coming quarters. This will naturally influence the results, which will reflect the impact of the subdued new order booking and delay in sales turnover in the near term.

However, the underlying strengths of our business and operating model will not only ensure our survival during these tough times but will prepare us to thrive once again after we are out of this crisis. Triveni Turbines has a strong balance sheet, and as a debt-free enterprise, it will be able to cover its liquidity needs during these challenging times. Our efforts in the coming months will be on ensuring flatter growth and minimising the business impact of COVID.

We shall also continue to augment our focus on technological deployment to ensure greater cost optimisation with enhanced business productivity, as we automate and upgrade our array of software in the coming months. The investment of the past few years in streamlining the systems and processes across the manufacturing and supply chains will yield benefits as we work on more innovative solutions to address the needs of our customers, across industries and geographies, in the new normal.