Chairman and Managing Director’s message Dear Shareholders, FY21 was an year of unprecedented challenges with the entire nation under lockdown in Q1 due to Covid pandemic, which, besides causing wide scale loss of human life and suffering completely disrupted the economic activity. During Q2, lockdown was lifted from some parts of the country. However, daunting challenges were faced in the movement of raw material & finished goods and labour availability as widespread panic among workers had led to their large scale migration to their native villages and towns. Situation improved substantially during Q3 and Q4 of FY21, although second wave hit severely starting from March 21. The indomitable SISCOL Team demonstrated extraordinary courage and collective ownership by speedily setting up all Covid related safety measures and strict compliance of the same. And we became the first Industrial Company in the Durg district which was allowed to reopen all the four industrial units and progressively reach 100% capacity by early September. Safety of our employees remained our top most priority and were given unconditional support to combat & overcome the Covid challenge. Our Company notwithstanding the constant threat worked tirelessly to deliver an output which surpassed the previous output by 8%. We are indeed very proud of our employees’ unmatched commitment to their Company’s survival and success even in the face of worst adversity caused by the external environment.
Company Performance I am pleased to inform that inspite of all challenges and external roadblocks, the Company delivered 8% higher tonnage and its EBITDA, PBT and ROCE touched all time high. SISCOL is proud to announce that all their contract deliveries were made in or before time. All key financial parameters including DSCR, Debt-Equity and Interest coverage ratio recorded impressive improvements. The Company’s Working Capital continued to be managed very efficiently and as a gesture of this recognition, the HDFC bank continued their unconditional support by enhancing the credit limits.
Employees always come first… Besides closely monitoring the well being of its employees,and providing them unconditional support, the Company launched three Employee welfare schemes during FY21 including Personal Accident Insurance, Group Mediclaim Policy and Employees Welfare Fund. The Company has also implemented loan services for its employees from HDFC Bank at special concessional rates through a very simple process. SISCOL continued with ESOP scheme for their deserving employees and by the end of FY21, 90 Employees have been granted 2,55,000 options.
Performance of New Business Units (BUs) Two new Business Units, one each for the Design & Engineering and Installation Services were set up during the last quarter of FY20. Both these BUs have grown during FY21. The BU installation by the end of FY21 had secured nine contracts with an aggregate value close to Rs. 100 Crs. More resources are being added in the Installation team and its footprint is being expanded to reach out to more customers. The vast experience and proven competence of Design & Engineering team has also been recognized by external customers and several new contracts have been awarded to them.
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Annual Report 2020–2021
