The macro economic scenario, in India, during the year under review has been very negative: GDP growth has reduced further to less than 5% p.a. Interest rates have remained high to tame inflation; this has directly impacted investment related sectors such as capital goods, heavy engineering and automobiles.
Your Company continues to remain affected by this industrial slow down that are reflected in the results for the year. However, despite this grim scenario some positive signs are beginning to emerge and I expect that the current year should see a return to normalcy in our business.
In the Engineering segment, the CNC Machine Division is beginning to see some improvement in order book, particularly from non automotive sectors. The Management is making concerted marketing efforts to widen the customer base and induct new, first - time buyers, as well as hold on to long standing clients of our products. The Rupee devaluation has provided some opportunities, in terms of competitiveness versus imports.