The company held its AGM on 20^th July'12 and was addressed by Ms. A B Advani Executive Chairman

Key highlights

• Duirng FY'12, total income (including other income) grew by 16% to Rs 344 crore. Exports grew by 22% to Rs 33.95 crore. But higher raw material costs, significant change in product mix to lower value added products and increase in competition resulted in nearly 450 basis points drop in EBIDTA margin.
• During the year several new products in welding consumables segment and in welding equipment group were introduced. Company took aggressive steps on marketing and sales promotion resulting in an increase in market share by at least 2%.
• Capex of about Rs 11 crore was incurred in FY'12 which was largely towards expansion of capacity of solid wires and improving capacity utilization of Saw wires and fluxes. A capex of about Rs 24 crore is planned for FY'13 largely for, increase in production equipment to balance lines, analytical instruments for equipment R&D house, for consumables R&D lab and material lab and also for structural improvements to Ador House.
• The company is working towards improving the product mix through high value electrodes and wires in oil & gas, power, nuclear sectors and has received some initial orders as well.
• Company executed its first biggest single project engineering business order of about Rs 17 crore
• For FY'13 management expects to continue to grow and increase the market share despite given challenging environment.