Looking Back at FY 2021
It was year full of surprises and challenges. We were coming out of a year with de-growth in the medium and heavy commercial vehicle segment while the other segments were also showing a decrease due to BS-VI migration, tight financial situation, credit issues, etc. The pandemic taught us how to work innovatively in our plants. The cooperation we received from our staff all across the plants has been excellent. Our company has been able to record a small growth percentage over the previous year.
Takeaways and Positives
There are many takeaways we can think of after going through these challenging times. In a manufacturing environment lessons on how to work to ensure safety without compromising on productivity was one of the greatest lessons for us. The adoption of video as a medium for customer relations and information dissemination by the OEMs has been new and revolutionary. The third and fourth quarters have shown good traction and we expect this will continue into the next year.
PLI Scheme, Scrappage Policy
The scrappage policy in its current version doesn’t seem to ignite customer sentiments for change and replacement that could lead to increased demand. We will have to watch further developments before we can pass any judgement on this subject. However, infrastructure spending seems to be driving the medium and heavy commercial vehicle segment into a growth phase.
Plans for Current Year
The adoption of BS-VI emission norms has necessitated a complete overhaul in our offerings. Materials, coatings and certain new products to match the performance requirement of the current engines have all been developed and launched.
FY 2022 Outlook Our outlook for the coming year is positive. We expect to grow significantly as has been forecasted by the industry. The automotive industry and its performance have a large bearing on our company’s outlook.