Due to the worldwide financial crisis resulting in a major contraction in global demand, the Indian economy faced quite a few uncertainties. Business sentiment was weak and growth had started decelerating, threatening the capacity of the economy to sustain and improve on the high levels experienced over several years. Uncertainty on account of the delayed and sub-normal south-west monsoon further aggravated the situation. Due to a number of measures taken by the Government to arrest the slowdown and earlier than expected recovery which started world wide, the Indian economy shows signs of improvement and it is expected that it will accelerate the trajectory of high growth.
In the background of the above adverse business environment, the performance of our company is considered reasonably satisfactory. The continuous thrust of the government on improved infrastructure and education, should result in better demand for cement and paper which are the two main businesses of the company.
I would like to extend my sincere thanks to all the shareholders, customers and staff members who have in no small measure contributed to the above satisfactory performance of the Company.
B.K. Birla
Chairman |
