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Vice Chairman & MD’s MessageSumit MazumderVice Chairman & Managing DirectorA reasonably good year despite thechallenging times2008-2009 was one of the most difficultyears in the world economy impactingalmost all organisations. Despite thenegative impact of the uncertain times,we at TIL managed to grow our revenuesby 16 per cent over the previous year andmaintained our PBT margins. In my opinion,team TIL has performed well under thechallenging circumstances.Our profits would have been more in linewith the sales growth, but for the externalfactors including unfavourable currencyfluctuations and rise in the price of criticalinputs such as steel and components.To add to this, there was a slowdown inthe overall economy in the second half ofthe year coupled with a liquidity crunch,resulting in our customers lowering theirbusiness investments which in turntranslated to reduced orders for us.Reasonable growth across alldivisionsAlthough in 2008-09, the availability offunds and credit to our customers wasseverely impacted, TIL managed to growrevenues across all its business divisions.Material Handling Solutions, Construction& Mining Solutions and Power SystemsSolutions grew their revenues by 13, 18and 17 per cent respectively, reflective ofa strong marketing effort and resiliencein our business model. We were able toprotect our margins despite a steep rise indirect costs – steel inputs, cost of importsas well as personnel expenses – becauseof our ability to manage our workingcapital and leverage our assets better. TILabsorbed the impact of a significant rise inpersonnel costs during the year, reflectingour commitment to our people, even duringtough times.Gearing up for the next levelWe are laser focused on taking theorganisation into the next orbit of growth.Our experience in the infrastructure sectorhas instilled a sense of preparednessin us. We are thus ready to respond tothe growth opportunities that are likelyto emerge, and we utilised 2008-09 inarming our organisation with the necessarystrategies and strengths for the next bigleap. We took a number of steps towards