A year that saw an unprecedented transformation in our business operating systems and methodologies.
With the COVID-19 pandemic triggering a new set of unique challenges, across the value chain of our business, we faced some extremely complex and difficult problems, which inspired us to deep-dive into our core strengths and formulate a comprehensive response strategy.
While our Sugar operations continued uninterrupted, some impact was felt in the form of logistics challenges. Our responsive approach enabled us to tackle these effectively with the active support of the State and Central Governments. Demand also remained under pressure for some time, particularly in the Food & Beverages as well as Confectionery segments, but off-take picked up, with the resumption of manufacturing activity in the country catalysing both institutional and consumer demand. Sugar exports were impacted for a brief period, with significant quantities stuck at the ports. However, by the end of the first quarter, the momentum picked up to boost exports, as we moved swiftly to harness the opportunity offered by the Government of India’s quota allocation.
In our Engineering businesses, which faced total shutdown of operations during the lockdown period but returned to normal by mid-May 2020. We raised the bar of our efficiencies by focussing on digital transformation. We actively embraced the new digital regime of remote operations and online business processes to effectively manage the challenge of resource mobilisation amid travel restrictions. Supply chain challenges remained a matter of concern in the Power Transmission business for the first half of the year in particular, while the pandemic also slowed the process of tendering and finalisation of orders of the Water business. However, the demand gained momentum in the second half of the fiscal, enabling the Company to minimise the impact and report a decent overall performance, given the situation.
We actively embraced the new digital regime of remote operations and online business processes to effectively manage the challenge of resource mobilisation amid travel restrictions.
A year that saw us rework our strategic approach to align it more effectively to the transforming ecosystem.
With our intrinsic strengths and deep-rooted understanding of the needs and aspirations of all our stakeholder groups, we were quick to reorient our systems and processes to function efficiently in the new normal.
Amid the extraordinarily difficult macro environment that prevailed through FY 21, Triveni ended the year with a healthy performance, driven mainly by its exceptionally responsive business strategy. The Gross Revenue from Operations stood at ₹ 4,703.35 crore – a growth of 6%, with Profit before Tax (before exceptional items) reporting a 3% growth, to end the year at ₹ 459.10 crore (on consolidated basis).
Aligning ourselves to the transformation in the external environment, we went in for some quick business realignments, with sharp shifts in the operational modus operandi. Our decision to foray into the manufacture of hand sanitizers at our Muzaffarnagar distillery was one such strategic shift, with our responsiveness manifest in the fact that production of the Triveni ‘GERMCARE’ sanitizers had started as early as April 2020.
Automation and digitalisation became synonymous with the new way of functioning, with our IT teams working relentlessly to steer an organisation-wide business transformation amid the new normal. New technologies were adopted with extraordinary speed and we also moved fast to embrace Internet of Things (IoT) and Industry 4.0 practices, particularly in our Power Transmission and Water businesses, to enhance productivity while complying with the various restrictions that were imposed across the country amid the pandemic crisis. In the Sugar business too, our IT teams worked closely with the state and district administrations to ensure business continuity. We went almost contactless for about 175,000 contact points per day, across the Group, in a matter of just 96 days.
At the same time, as a responsible corporate, we strengthened our Safety Management Systems across our plants and workplaces, to ensure safe and secure operations for our people, as well as the communities around which we operate. Our Emergency Response Systems were augmented to address the critical COVID-19 pandemic challenge of working amid increased risks and restrictions.
These initiatives translated into quick recovery across business segments post the lockdown period.
Automation and digitalisation became synonymous with the new way of functioning, with our IT teams working relentlessly to steer an organisation-wide business transformation amid the new normal.
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