Chairman's Message


Dear Shareholders,

In the recent past, the most decisive factor impacting the fortunes of every developing economy has been the state of the world economy. Global economic growth has been declining for the last few years and it was three percent in 2013. The challenges being faced by our Country are common to all emerging economies. Though, lately, there has been some comfort on account of fiscal and current account deficits being somewhat contained, high inflation continues to be a matter of concern leading to a tight monetary policy and there is no sign of a reduction in interest rates in the near future. Unless the borrowing cost is reduced there may not be a revival of investments in industry. Strengthening of the rupee against the US Dollar will adversely impact the realisation from exports and consequently affect the baIance of payments of the country. The future economic policies will depend on the new Government at the Centre.

Due to high interest costs and ever increasing input costs in all the segments in which the Company operates and the depressed market in cement which forms the major part of the Company's business, the performance of the Company has not been upto a desired level. With the expected revival in the global economy and the hope of the business environment improving in the country after the General elections, the outlook for the Company is expected to remain stable.

I would like to extend my gratitude to all our stakeholders including the staff members and customers for their unstinted support in shaping the performance of the Company.