Chairman's Message
The words cannot capture the pride and gratitude I have for all of you during this overwhelming and difficult time, you all have shown and supported one another. Our motivation is our pride in our organization and what it has accomplished. Let us all strive together to achieve our goals with passion and planning, grit and determination, with selfless intentions to build our company to a new height.
“All our dreams can come true, if we have the courage to pursue them” - Walt Disney
Though we are experiencing a worsening public health emergency that further threatens lives, livelihoods and economic recovery, people have become more optimistic about the recovery and markets have priced it in.
The new Delta variant is absolutely a concern with new spike in cases. If the spread turns out to be powerful and the vaccines are unable to cut the spread, then might have a negative impact on the global economy.
To restore the growth process of an already weak economy, the government is facing challenges both in terms of managing the pandemic and in trying to rescue the economy. It has created new set of economic reforms, which aims to address obstacles to growth that have persisted through the decades since India shifted its basic stance towards economic policymaking.
India is emerging as the fastest growing major economy in the world with its robust democracy and strong partnerships. Foreign companies are setting up their facilities in India on account of various Government initiatives like Make in India and Digital India with an aim to boost manufacturing sector and to increase purchasing power of an average Indian consumer.
Indian power sector is undergoing a significant change that has redefined the industry outlook. Sustained economic growth continues to drive electricity demand in India. The Government of India’s focus on attaining ‘Power for all’ has accelerated capacity augmentation in the country.
The post Covid-19 era has provided big opportunity for the online textile industry. The lockdown failed to leave any negative impact on the online textile industry because of its operations in the virtual space leaving no room for human or physical contact. However, in the textile and apparel industry the government has given its approval to introduce the Production-Linked Incentive (PLI) Schemes for enhancing India’s manufacturing capabilities and enhancing exports.
Demand for Graphite electrodes has been improving since the start of 2021 due to increase in steel production because of increase in demand from infrastructure and automotive. The steel prices have reached record levels, increase in the profitability of steel companies, which is having positive impact on our sales. We hope to see healthy profit margins in 2021-22. The EAF steel has been gaining prominence due to carbon reduction initiatives been taken and discouragement to blast furnace route of steel making which boards well for graphite electrode demand. Today our plant is working at more than 85% capacity utilization. The expansion at plant is going on at full swing and we expect to complete it by end of 2022 and to be able to cater to the rise in demand.
With decades of experience in business, our group’s focus on quality and committed manpower, I am confident that we will take the challenges head-on and make the best of opportunities available.
With Best Wishes
Ravi Jhunjhunwala