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- » Company Profile
- » CEO's Message
| CEO's Message |
| Last year has been a challenging one for ISMT.
On the one hand we have been faced with
relentlessly increasing input costs while on the
other we have been grappling with a largely OEM
customer base where prices tend to be sticky
and where price increases come through only
with a time lag. In this situation, I believe ISMT
has done well to strike a balance between the
need to maintain and build customer
relationships and the need to continue to meet
financial benchmarks. Much more importantly, throughout this challenging period the Company has been able to keep sight of and pursue its long term objectives. Our Vision, as I have reiterated a number of times, is to establish ourselves as the most sought after, efficient, profitable and respected producer globally of precision seamless tubes and alloy steels. I am happy to report that in this year, consistent with our Vision, we have made significant progress towards becoming an application orientated company. Through a process of reorganization, realignment and a renewed focus on training, technology development, and quality improvements ISMT has been able to make notable breakthroughs in a number of key industry sectors. As a result of these efforts, during this year, we have not only strengthened relationships with our existing customers but also developed a number of new ones. While many of these initiatives will take time to translate fully into financial results, we believe that they will clearly lead the Company towards its eventual goal. On another very important front, we are now close to commissioning the expansion of our tube making capacity at Baramati - trials are already underway. As I have shared with you earlier, our total tube making capacity is increasing from 155,000 MT/annum to 475,000 MT/annum. This increase in scale is a vital part of our strategy to realize our corporate vision. In the last two years we have already been operating at full capacity. In order to project our capabilities and our leadership position globally it is imperative that we increase this capacity. With the PQF in operation we will meet this objective fully. A few weeks ago we inaugurated the ISMT Centre of Excellence (ICE), a full scale, in house, residential training center located on a 20 acre independent campus that will cater to the training needs of the entire company. Once again, we believe that this training institute will be central to the success of our growth plans. The sectors that we are focused on and which will drive the company's growth are Energy, Construction, Oil & Natural Gas, Bearings, General Engineering and Mining. Fortunately all of these sectors are doing well and will, likely, continue to do so in spite of the general industrial slow down. While on this positive note, I would like to take the opportunity to express my gratitude to our Customers, Banks, Financial Institutions, Business Associates, and Shareholders for their continued support. |
| B. R. Taneja |