tvs motor company ltd share price Management discussions




2019-20 marked the successful transition to BS-VI for the Indian 2-wheeler industry. A global first of leapfrogging from Stage IV - Stage VI emission norms in 3 years. However, the domestic two-wheeler industry recorded a sale of 17.4 Mn units in 2019-20, a decline of 17.7% from 21.2 Mn units of 2018-19. 16% was the decline in the first half of the year on back of weakening consumer sentiment, falling GDP growth forecasts and increased 2W prices due to insurance cost increases and mandatory safety regulations. The decline further intensified in second half to 20%, owing to BS-VI transition, wherein 2W prices further went up by an average of 15%. The year ended with start of the single minded struggle against CoVID-19 pandemic.

The scooter category declining 16.7%, with 5.6 Mn Units in 2019-20 over 6.7 Mn Units in 2018-19. The category share increased marginally to 32% in 2019-20 from 31.6% in 2018-19.

The motorcycle category also declined by 17% over last year. The category share for motorcycle settled at 64.4%. Within motorcycles, the premium segment with a category share of 9.3%, declined by 25% from 2.15 Mn units in 2018-19 to 1.61 Mn units in 2019-20. The commuter segment category share however moved to 50% while volumes declined by 16% to 8.7 Mn units in 2019-20 from 10.4 Mn units in 2018-19.

In the international market, two-wheeler industry had a growth of 7% over last year. Stable price of crude oil and continued growth in Africa propelled the growth of exports.


Overall three-wheeler small passenger industry (3 plus 1 segment) declined by 12% in 2019-20 (from 8.45 lakh units in 2018-19 to 7.45 lakh units in 2019-20). Domestic industry declined by 14% and exports market declined by 11% in 2019-20 over last year.


Indias GDP growth has decelerated to 11 year low estimated at 4.7% in 2019-20. In 2020-21, the economy will see significant challenges owing to the impact of CoVID-19 pandemic and the resultant interruption to economic activity which is beginning to reopen.

Economic activity and lifestyles will be rebuilt, factoring in coexistence with CoVID-19. Social Distancing (SD) and Work From Home (WFH) practices will see greater prevalence. These new long-term practices of SD could see consumer preferences change towards personal mobility, which could prove to provide some opportunity, especially to the 2-wheeler industry. The Company is cognizant of this opportunity, and well poised to leverage this opportunity with its superior BS-VI offerings across the widest range of personal mobility needs. The restriction on public mobility and impact on many sectors of the economy will affect GDP, disposable incomes, consumer sentiment and the auto industry as well. Consequently, a very sharp decline in the first quarter of 2020-21 is expected, which may partially alleviate in the following quarter, with any upside possibilities only playing out in the later part of the year. BS-VI Two wheelers offer consumers affordable, safe and eco friendly personal transport and may see less impact due to the need for such solutions. The favorable reservoir levels, good rabi output and possibility of normal monsoon may support agriculture growth. It is to be noted that much of the sale of two wheelers are in semi urban and rural areas which could see some benefit of this. As pandemic CoVID-19 is affecting most countries across the globe, export of two-wheeler is likely to see a decline during initial part of the year. A sustained trend of low crude prices may also impact export market growth in oil dependent economies of Africa. However, the economic impact of CoVID-19 is expected to be more pronounced in the markets of LATAM, whereas the African countries seem to be lesser impacted, and the core demand may return sooner.

Strategic partnership with BMW Motorrad

The Company has a strategic partnership with BMW Motorrad to develop and manufacture sub-500cc bikes both for domestic and global markets. The Company has produced over 72,000 units of BMW 310cc motorcycle till date.

Norton Acquisition

The Company acquired Norton Motorcycles, in an all-cash transaction for a consideration of GBP 16 Mn through one of the Companys overseas subsidiaries. The "Norton", "Commando", "Dominator" and the more recent "V4RR" are part of the portfolio of this historic motorcycle Company. The first of many Isle of Man wins dates as far back as 1908. An integral part of British popular culture, identity and history, it has a loyal following across Europe.

This acquisition enhances the Companys global portfolio bringing in complementary product segments, markets and capabilities. The Company also believes that Norton Motorcycles can leverage its additional geographical network reach and global supply chain capabilities to expand to new markets and audiences with existing and upcoming products.

New Product Launches and Initiatives

During the year 2019-20, the following new products and variants were launched.

TVS Jupiter Grande:

TVS Jupiter has become a strong household brand in the last 6 years since inception, with more than 3.5 Mn happy customers by FY 2019-20. Continuing the journey of providing "Zyada ka Fayda", TVS Jupiter Grande SmartXonnect was launched during festival season (October 2018) making it the first Bluetooth enabled scooter in the 110cc segment. Apart from having a differentiated visual appeal, TVS Jupiter Grande SmartXonnect is loaded with practical, useful features such as, call & message notifications, high speed alert, helmet reminder, trip data and many more.

The brand communication campaign named, Dil Ka Mileage went on to bag the prestigious Marketing Campaign of the Year Award at the Global Awards for Retail Excellence event by ET NOW.

TVS Jupiter Classic BS-VI was the first BS-VI offering by the Company launched in November 2019.

TVS Apache:

TVS Apache Series crossed 3.8 Mn global customers milestone in March 2020. Through the years, TVS Apache has stood for providing an unrivalled experience backed by its rich 38 years of TVS Racing pedigree, technological prowess and stylish design. Over the last 14 years, the brand has developed a host of premium offerings, ranging from 160cc to 310cc, creating aspiration along every step of evolution. TVS Apache Series has multiple customer experience properties like AOG (Apache Owners Group), ARE (Apache Racing Experience), APP (Apache Pro Performance), TVS Racing Training School & One Make Championship, all of which bring the Apache owners together to celebrate the spirit of Racing.

The 1st edition of TVS Racing MotoSoul Days, the biggest bike festival for TVS, was organized in October 2019 in Goa that saw a strong participation of 1000+ motorcycle enthusiasts. It was also a stage for the launch of TVS Racing Performance Gears, a range of high performance and quality riding gears, helmets and merchandize for TVS Apache Customers.

The end of the financial year 2019-20 saw the launch of the TVS Apache RR310 BS-VI with many first in segment features making it one of the most technology-rich motorcycles in its class. The motorcycle continues to resonate with lots of enthusiasts, thus increasing its loyalists exponentially across the globe.

In the transition to BS-VI, the TVS Apache Series has received a major update that includes a style refresh and an addition of many first in segment features. The entire series is now powered by RT-Fi (Race Tuned Fuel Injection) technology which ensures delivery of best race performance at all driving conditions. The 4V Series comes with a best in class LED headlamp while the RTR 200 4V also boasts of the TVS SmartXonnect. One of the most loved features of the RTRs - the signature exhaust note has gotten racier and more refined. TVS Apache RR310 has seen the biggest upgrade with a multitude of best in class features - new Titanium Black dual tone graphics scheme, Throttle by wire technology, customizable 5" TFT cluster, TVS SmartXonnect with advanced ride analysis and 4 ride modes of Track, Sport, Urban, and Rain (first in segment). The entire series also features the introduction of first in segment Glide Through Technology (GTT) which allows the rider to easily navigate through traffic thus reducing rider fatigue.

TVS Radeon:

A unique blend of sturdy build, robust style and plush comfort, TVS Radeon is targeted at the discerning progressive Millennials of Middle India. TVS Radeon has upped the choice for everyday commuters and is successfully creating lot of excitement & delight amongst its consumers. Over 2 lakh proud consumers overjoyed with their Buland choice.

TVS Radeon has received many accolades and became one the most awarded commuter motorcycles in its early days itself. The Commuter of the Year Celebratory Special Edition stays true to the TVS Radeon Buland DNA and celebrates its spirit.

TVS Radeon BS-VI comes with next-gen Eco Thrust Fuel Injection (ET-Fi) Technology, which boasts of 15% better mileage along with enhanced engine performance, better durability & smooth riding experience. TVS Radeon offers 20 Best in Class features including chrome bezel headlamp with DRL, car like speedometer, stylish petrol tank with ribbed thigh pads, largest cushion seat, solid suspension among others. The riding experience is made seamless with an optimum seat height, high ground clearance, long wheel-base and handy functional features like USB charging spot and convenient pillion grab-rail.

With distinctiveness and practicality, TVS Radeon continues to live true to its promise to Live Strong Ride Strong (JIYO BULAND BADHO BULAND).

TVS XL100 HD i-TouchStart:

TVS XL100 crossed a new milestone of 3 Mn customers since its launch in 2015 and a Special edition variant was launched to mark this celebration.

Further, a new variant TVS XL100 Comfort i-TouchStart focusing on entry level commuters was also launched. This variant comes with many style features like head lamp fairing, cushion back rest, chrome finish elements along with mobile charging option. With compact light weight design, new suspension setup, auto gear, this variant would be an ideal choice for those seeking affordable easy to ride product for everyday commute - including elderly people & women. The product series is now upgraded to meet BS-VI emission norms and launched with exciting features for the customers. Now TVS XL100 series is powered by ET-Fi technology which delivers 15% more mileage, excellent power and pickup with smoother engine. Also, many useful customer friendly features are added to improve convenience and safety - easy on-off combo switch, hydraulic suspension, wider platform, comfortable handlebar, low fuel indicator, roll-over switch off, mobile charger and more. TVS XL100 series has advanced in terms of technology and benefits yet remains affordable to the customer and continues to offer high value.


Launched in January 2020, TVS iQUBE marked the foray of Company into the Electric Vehicle segment. The TVS iQUBE is a smart mobility solution that promises to deliver a convenient, personalized, connected and eco-friendly experience. It comes equipped with SmartXonnect, advanced features like Geo-fencing, Ride Statistics, Telematics, Remote Charge Status and Navigation Assist.

With a top speed of 78 kmph, a range of 75 Km in a single charge and features like Q-Park Assist, the TVS iQUBE redefines style, comfort and riding experience. A dedicated public charging ecosystem spanning across 10 dealerships in Bengaluru further enhances customer ease and experience.

With TVS iQUBE, the Company also leveraged digital channels for vehicles booking and sales. A digitally enabled purchase process allows seamless home charging unit installations providing a truly hassle-free experience to the customers. The product has seen extremely encouraging response from the customers. With the increased focus on Electric Vehicles, the TVS iQUBE is expected to be a strong contender in this space in the times to come. TVS iQUBE will increase its presence in India in a phased manner, having started with Bengaluru and gradually moving to other key cities.

TVS King:

TVS King got a new variant in May 2019, with the introduction of TVS King Duramax with alternate fuel options like Petrol, LPG and CNG. This new variant comes with the 225 cc engine equipped with latest Liquid cooled technology, providing a great combination of speed, power and performance. This also ensures low wear and tear of engine parts, leading to higher life of engine. The brighter headlamp and strengthened B and C Pillars add better safety to driver and passengers. The new and sublime changes in both exterior and interior of DURAMAX brings a refreshing change and pride of ownership. The new look dashboard, styling handlebar with compact speedo cluster, integrated fuel gauge and dual tone seat add style to the variant. TVS King Duramax is an ideal choice for those who want to embrace technology to make their daily earnings better.

TVS King family (comprising Deluxe and Duramax variants) is now upgraded to meet the new BS-VI norms. The new BS-VI variants come with integrated starter generator, silent i-touch start, single start-stop switch, anti-wheel lock control and automatic altitude fuel correction. The bi-fuel option will be unique in this category. TVS King will continue to provide best combination of adequate power, mileage, comfort and lower running cost, delivering a great value to the customer.

Domestic Sales

The Company achieved sales of 24.1 lakh units of two-wheelers in the domestic market compared to sales of 31.4 lakhs in 2018-19. Companys domestic volumes declined in 2019-20 mainly due to falling consumer sentiment and rapid increase in cost of ownership towards higher mandatory insurance costs and enhanced safety norms. At the end of the year, towards a planned transition from BS-IV to BS-VI stock was effected throughout the trade.

In domestic motorcycles, the Company achieved sales of 7.6 lakh units and registered a decline of 25% over 2018-19. TVS Apache however, was able to garner a substantial share of the Premium motorcycle market with 3.7 lakh units, posting a decline of only 21%, while the Premium Motorcycle industry declined by 25% in 2019-20 against 2018-19.

In domestic scooters, the Company achieved sales of 10.2 lakh units and registered a decline of 18% over 2018-19. However, inspite of the headwinds, TVS NTORQ 125 sales grew by 24% in 2019-20 and TVS NTORQ 125 Racing Edition created a great momentum for the brand. The product continues to delight the customers and has garnered several accolades since its inception.

The Company also invested time for training all its service advisors and mechanics (18,000 employees of the extended enterprises) adequately across the country on BS-VI products and technology.

Exports sales - two-wheeler and three-wheeler

The Companys two-wheeler exports in 2019-20 were at 6.79 lakh units and witnessed an improvement with a growth of 9.2% over 2018-19.

Three-wheeler exports during the year reached 1.62 lakh units and recorded a 15.9% growth over 2018-19.

Opportunities and Threats

The CoVID-19 pandemic is causing paradigm shifts in consumer behavior affecting many industries including the automobile Industry. Social distancing norms followed across the globe due to CoVID-19, could become the new normal. People may move away from use of shared/public transport solutions. This changed preference would lead to enhanced need for a personal mobility solution and could emerge as an area of opportunity for two-wheelers.

The Company has also strengthened its offerings in the premium segment catering towards younger customers. Many products in the new BS-VI line up of the Company have first in class and best in class features to attract such customers. TVS Apache, TVS NTORQ and the electric TVS iQube will all help the Company in these segments.


Domestic Business:

The brunt of the adverse economic environment will be manifest in real contraction of disposable income and weak consumer sentiment. The severity of impact is also higher at the lower to mid income with customers who form bulk of the commuter 2W industry. Consumers will conserve cash, in view of unforeseen events like potential job loss and salary cuts levels. This will lead to delay in purchase of all non-essential durables, and may pose a risk to many industries in the manufacturing sector including automobiles. This may result in delayed recovery of the 2W industry. While government and RBI are taking measures for enhancing availability of credit for dealers and suppliers, the participation would be dependent on the business outlook. This could lead to challenges in working capital management in the supply chain. The Company is cognizant and is advising dealers and suppliers to make prudent choices in cost reduction and enhance working capital management. From the supply side, availability of manpower in tier-2 and tier-3 suppliers affecting the supply of parts and daily operations are likely risks. Casual workmen and migrant workers hailing from other states may not return rapidly, posing risks across the supply chain of the Company. The Company has taken appropriate steps to minimize the impact of such risks and has channelled efforts to get back to normalcy at the earliest.

International Business:

The global pandemic has impacted economic activity across the world, hurting consumer sentiment, disrupting supply chains and reducing demand across many categories. The rising number of CoVID-19 cases in the Companys exports markets of LATAM, Asia, Africa, South-east Asia continue to pose high risk to various industries. Some of the Companys exporting countries have seen a rapid spread of CoVID-19 thereby lowering economic activity while other export markets including some in Africa have seen a more limited impact. A sustained drop in commodity prices and exports will reduce foreign exchange income in some of the export countries. The Company has looked at options to minimize the impact by leveraging opportunity in less affected countries and by launching new products and leveraging financing solutions for customers.


Companys risk management framework is well embedded and continually reviewed by the Risk Management Committee. It enables the Board, to identify, evaluate and monitor principal risks and where possible, actively mitigate the risks that could affect the achievement of the Companys target.

As a process, risks associated with the business are identified and prioritized based on the Companys overall risk appetite, strategy, severity and probability of occurrence.

The Board is satisfied that there are adequate systems and procedures in place to identify, assess, monitor and manage risks. The Companys Risk Management Committee is overseeing all the risks that the organization faces such as strategic, financial, market, IT, legal, regulatory, reputational and other risks and recommends suitable action. Risk mitigation policy has been approved by the board.


Total Quality Management (TQM)

TQM has always been a way of life, towards driving sustainable growth across the entire chain of suppliers, dealers, stakeholders and community. Continuous drive on cross-functional cluster approach to achieve breakthrough has helped significantly the business processes in the Company.

Several initiatives taken as part of policy management process, has facilitated implementing breakthrough initiatives like BS-VI transition, cost reduction and International business market growth. Emphasis on adhering to Daily Work Management practices was continued for retainment. Towards TVS Way permeation, 170 managers were trained on TVS way of working for developing champions and cascading the initiatives in the respective functions.

Total Employee Involvement continues to be the strong area, with focus expanding from functional excellence to contribution towards business results through theme-based kaizens. Employees have significantly contributed in the cost reduction initiatives, by focusing on eliminating wastes in processes. War room approach towards cost reduction was intensified and expanded to all functions. Teams had focused on speedy implementation of improvements, while strictly adhering to guiding principle of "speed without haste". Focus continued towards enhancing people capability in problem solving which has helped in increasing the speed of implementation of key projects for achieving business results.

Srinivasan Services Trust (SST), CSR arm of the group, has also used TQM way of work in its activities in the villages adopted.

Mr Venu Srinivasan, Chairman of the Company has been conferred with the prestigious Deming Distinguished Service Award for Dissemination and Promotion Overseas by Japanese Union of Scientists and Engineers (JUSE), for his outstanding contribution in the dissemination and promotion of Total Quality Management (TQM) across all companies in the group. Chairman has also guided in permeating TQM practices in many companies in India through cluster approach initiated by CII and ACMA.

Cost Management

The Company continues to focus on all the elements and drivers of cost. Raw materials, components and conversion cost constitute major element of material cost. The Company pursued process innovation, value engineering, alternate sourcing and localization to reduce material costs. Waste elimination, productivity improvements and process improvement will continue across the supply chain during 2020-21.

In the area of fixed cost, similar systematic approach of deployment of cost reduction is being done.

Research and Development

The Research and Development (R&D) team continued its focus on in-depth customer understanding, technology development and design innovations. This resulted in launch of TVS iQUBE, the first Electric scooter from TVS stable, with cutting edge technologies, including Smart Connect. The team has developed technologies to meet the stringent BS-VI norms, which is significantly lower than the BS-IV emissions for both 2W and 3W models in the portfolio. Focused work on advanced engine technologies for further improvements in fuel efficiency, performance and reduction of emission is being pursued for both domestic and CO2 international markets. Further technologies in the area of electric powertrains are continuously pursued with a strong focus towards future requirements.

The R&D team continues their efforts in developing cutting-edge technologies that are relevant for the near and long-term requirements of the Companys business plans. These developments are centered on customers, emerging mobility needs, advanced safety regulations and sustainability. The Company also collaborates with leading research establishments and educational institutions, both within and outside the country to develop breakthrough technologies. TVS Racing continued its dominance with high performance during the year, with 97% podium positions and 9 championship wins out of 10 participations. Several technology and product development projects in R&D are closely linked with the racing technology development, leveraging the decades of racing experience.

Information Technology

The Company continues to implement several projects to improve its efficiency, transparency and process control across supply chain from suppliers to dealers. Major focus areas are improvements at factory, retail management and improving customer experience at dealerships. Various initiatives on industry 4.0 are being adopted for improving quality, productivity, traceability and waste elimination. The Company has adopted various machine learning tools for improving quality of its products and processes.

Company has developed new products with connected technologies and developed skills to take them to the next phase.

As part of continuous improvement and technology benchmarking, the Companys IT systems were audited by external experts and recommendations were implemented. The Company has enhanced information security by adopting new cyber security tools. Periodic audits are conducted by external experts and necessary control measures are taken. The Company has engaged one of the major consulting firms to do benchmark study on cyber security framework and implemented controls based on recommendations. The Company has enhanced security by implementing multilayered firewalls and deployed security control centres. The Company has formed a cyber-security governance council consisting of senior management and industry experts for improving its cyber security.

The Company is ISO 27001:2013 certified for all manufacturing units and sales offices. Business continuity plan for major business and design applications has been implemented and tested. The Company is certified for ISO 22301 for Business continuity. The Company has been certified for CMM level 3 for its software development process.

The Company is leveraging digital technology to enhance consumer experience and sheer reach with high engagement. Social listening is institutionalized and the Company is leveraging it for grievance redressal, consumer learnings and overall online reputation management.


The Board is accountable for evaluating and approving the effectiveness of internal controls, including financial, operational and compliance controls. Company has a proper and adequate internal control system to ensure that all its assets are safeguarded and protected against any loss and that all the transactions are properly authorized and recorded. The internal control system is subject to continuous improvement, with system effectiveness assessed regularly. Information provided to management is reliable and timely. Company ensures the reliability of financial reporting and compliance with laws and regulations.

Company is strengthening the controls by leveraging technology and centralizing processes, enhancing monitoring and maintaining effective tax and treasury strategies. The Audit Committee continues to monitor the effectiveness of internal control over the use of new technologies that impact the Financial controls and reporting enterprise risk.


As required under Regulation 34 of the Listing Regulations, there was a significant change in Interest coverage ratio compared to the previous financial year.

Details of change in Interest coverage and Return on Net Worth as compared to the previous financial year is given below.

Standalone Consolidated
Particulars UOM* 2019-20 2018-19 2019-20 2018-19
Interest coverage Times 8.38 12.93 2.01 2.63
Return on Net worth % 17.01 21.52 19.36 24.10

* UOM - Unit of measurement

Profit for the year is lower primarily due to suspension of plant operations on account of CoVID-19 pandemic and transition from BS-IV to BS-VI.

Also, exceptional expenses, associated with CoVID-19 has negatively impacted the profit for the year. Reduction in profit for the current financial year has resulted in adverse movement of ratios.


During the month of April 2020, the Board approved the issue of rated, unsecured, redeemable, non-convertible debentures (NCD) for a sum of Rs.500 Cr (Rupees Five Hundred Crores Only). The Company had allotted on 15th May 2020, 5000 NCDs of face value of Rs.10 Lakhs each aggregating to

$ 500 Cr with a tenor of 3 years at the rate of 7.5% p.a. NCDs will be redeemed at the end of 3rd year by way of bullet payment. The NCDs were listed with National Stock Exchange of India Limited (NSE) on 19th May 2020.


The Company has an established Internal Financial Control framework including internal controls over financial reporting, operating controls and anti-fraud framework. The framework is reviewed regularly by the management and tested by internal audit team and presented to the Audit Committee. Based on the periodical testing, the framework is strengthened, from time to time, to ensure adequacy and effectiveness of Internal Financial Controls.

Occupational Health & Safety (OHS)


To promote sustainability to stakeholders, a conference was organized with the theme "Sustainability in Manufacturing Supply Chain" during February 2020. The Companys manufacturing facilities have been certified under Integrated Management System (IMS). ISO 14001 (Environment Management System) and ISO 45001 (Occupational Health & Safety Management System) standards are integrated into a common system that meets the requirements of each of the standards.

a. Utilization of Non-renewable energy:

The renewable power contributes to 76% in overall share of power. These initiatives of renewable energy resulted emission reduction of about 60,000 tonnes during in CO2 2019-20. Company has invested in group captive mode to the tune of 35 MW wind power and roof top solar power of 5.9 MW.

b. Conservation of water

To conserve water consumption in canteen, the Company has introduced dishwasher and automated washing machines for vegetables which resulted in substantial water saving.

c. Material conservation & waste minimisation

In process design, efforts have been taken to minimize the generation of waste by introduction of clean technologies. Water based paint application (cathodic electro-deposition), pre-treatment based on nano technology in powder coating have been adopted. Robotic paint application is being continuously augmented towards enhancing paint transfer efficiency. Virtual training facility has been established for training operators towards improving their painting skills without using paint and generating waste.

d. Effluent treatment

Automation and advanced treatment processes have been adopted in Effluent treatment, Recycling, Evaporator and Sewage treatment facilities. During 2019-20, a unique effluent treatment process which maximizes recycling efficiency in RO plants was established to treat effluents with different characteristics in a common facility. The chemical sludge from waste water treatment plants and paint sludge generated during paint application are used for co-processing in cement industry.

Towards IT & IOT initiatives, ambient air quality, ambient VOC and stationary emissions are monitored through online systems. Water & energy consumption is monitored through online system. The forms and returns under applicable Environmental Acts and Rules were made online.

Health & Safety

Implementation of ISO 45001:2018 has helped to improve occupational health and safety performance by proactively preventing work-related injury and ill health. As part of continual improvement in safety, around 643 proactive hazard control measures have been implemented across plants. The Company has achieved a reduction of 33% in frequency rate of accidents compared to previous year.

Towards building a sustainable safety culture, periodical safety trainings have been organized and around 7352 employees were covered. During National Safety Day celebration on 4th March 2020, as a part of "Buckle up & Strap up" - Road Safety campaign, various promotional activities were conducted and all the employees were covered across Hosur, Mysore & Nalagarh locations. TVSM-Hosur plant received three "First prizes" from Government of Tamil Nadu in the State Safety Awards function held in Chennai during September 2019. This recognition for achieving longest accident free period & reducing frequency rate of accident.

Influenza immunization was done to employees under high risk categories including those in marketing and field staff all over India. Health days were celebrated (World Health Day, Diabetic, Heart, No Tobacco and Aids Days) to create awareness among employees through talks, posters, quiz competitions, standees. Walkathon conducted during March 2020, to promote idea of health and wellness among employees and encourage walking among them and their families.


Constituents of Human Resources Development framework followed at the Company include Workforce planning, Employee engagement, Performance & Compensation management, Learning and Development, Career & Succession planning and Organization Development. Towards sustenance and delivering improved results, these constituents have a structured approach, policies and standard operating procedures which are reviewed and updated periodically.

Current and future Skill-based competency development are planned and executed through both in-house programs and globally acclaimed programs, continuing education, challenging project assignments and job rotations. The Company continues to maintain its record of good industrial relations without any interruption in work. As on 31st March 2020, the Company had 5,133 employees on its rolls.


Statements in the Management Discussion and Analysis Report describing the Companys objectives, projections, estimates and expectations may be "forward looking statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include, amongst others, Economic Conditions affecting demand/ supply and Price Conditions in the Domestic and Overseas Market in which the Company operates, changes in the Government Regulations, Tax Laws and Other Statutes and Incidental Factors.