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Chairman's Speech

GE T&D lndia Limited                                  

 

Chairman’s Speech

at the 63rd Annual General Meeting of the Company

on 24th July, 2019 at Air Force Auditorium, Subroto Park, New Delhi - 110010

 

Esteemed Shareholders, my colleagues on the Board, distinguished ladies and gentlemen,

 

Namaskaar.

 

It is with great pleasure that I welcome you all to the sixty third Annual General Meeting of your Company [GE T&D India Ltd]. Thank you for your presence here today, and for your continued support which is critical to the success of our company

 

It gives me immense pleasure and sense of pride in stating that the Company continued its sustained leadership in the industry in an intense competitive market and being an important contributor for Government of India’s “Power for All” initiative. The performance is reflective of the hard work and perseverance of thousands of dedicated employees across the country working relentlessly for your company’s success. Please join me in congratulating the leadership and employees of the Company for delivering a successful financial year once again.

 

Operational highlights

 

Your company continued its performance run for another year by keeping the intensity and focus on central as well as state utilities market. The Company has also expanded its footprint in Industrial sector.

 

During the year, the total order intake by your Company was Rs. 3750 crore, resulting into a healthy order backlog of Rs. 6400 crore. While sales revenue was recorded at Rs. 4219 crore, the Profit after tax was seen rising to Rs. 213 crore compared to profit of Rs. 209 crore declared in the previous year. Your Company has delivered the highest profit over the last decade.

 

Enabling the transition of India’s energy landscape, the Company commissioned two very critical projects: one with Power Grid Corporation of India Limited (PGCIL) on Unified Real Time Dynamic State Measurement (URTDSM) and another with Power System Operation Corporation (POSOCO) on National Transmission Asset Management Centre (NTAMC).

 

Your Company commissioned Pole 3 of Phase 2 of Champa 800 kV Ultra High Voltage Direct Current (UHVDC) project, making it the first link in India with capability of transmitting 4500 MW Power through HVDC in parallel operation. Besides, your Company also executed and commissioned large number of turnkey projects for its esteemed customers. Around 60% of the energy flow in India is managed on your Company’s technology.

 

I am also proud to state that your Company continues to be the preferred choice for T&D equipment of the central and state transmission utilities across the country.

 

During the year, your Company was chosen by RRVPNL (Rajasthan Rajya Vidyut Prasaran Nigam Limited) for a technology driven grid modernization project which is a part pf the utility’s roadmap to implement Grid Initiatives and augment renewable energy in the state. Your Company has also won a substation order from Power Grid for evacuating 2500 MW of wind power, which will enable various wind farm developers to transmit the power generated in the state to the Green Energy Power Transmission Corridor.

 

Environment, Health and Safety (EHS)

 

Safety and health of employees and customers continues to remain the top priority of your company. During the year we continued supporting EHS initiatives through various trainings and engagement exercises, for which your company has received several recognitions and appreciations from the customers. To name a few the Company won the ‘Best Safety Practices’ trophy from PGCIL - Northern Region for adopting and implementing innovative and best EHS Practices at PGCIL Bhadla & Bikaner Project Site.  Your Company also won the Silver Cup for sharing best EHS Practice among 170 different industries at QCFI Vadodara annual Convention event.

 

Corporate Social Responsibility

 

As part of its sustainability and Corporate Social Responsibility initiatives GE T&D India Ltd. continued its comprehensive and need based support to the communities with its village development, educational, heath, hygiene and sanitation programs. In its commitment to the underprivileged communities, the company has engaged and partnered some of distinguished NGOs to have an impactful social development.

 

Outlook

 

The power sector is emerging as one of the highest growth sectors in India. The year 2018-19 witnessed a significant change that has redefined the industry outlook. A steady increase in demand for electricity and an upward trend in overall economic growth, as well as favorable government policy, has provided a noteworthy push. The next 5-10 years look promising for Transmission and Distribution sector.

 

The management of your Company is highly focused and deeply committed to leverage the evolving scenario in the power sector.

 

Acknowledgements

 

Before concluding, once again I wish to convey my sincere thanks to the GE leadership and management, for their continued strong and unequivocal support. 

 

I take this opportunity to once again thank the Board Members and particularly distinguished Independent Directors for their continued leadership support to the Company and its employees. I also thank employees of Company without whose efforts and commitment, the Company could not have performed well in challenging conditions. I would also like to deeply thank and acknowledge the continued co-operation, trust and support of various Government/ Regulatory authorities, Company’s valued customers, suppliers, vendors, investors, bankers and shareholders.

 

In the end, on an emotional note, while I look forward to passing on the baton as a Board member and Chairman, I want you to know that I will always take pride in being associated with this wonderful Company, its august Board and its committed management. My best wishes will always with be with this organization. I thank you all once again for joining me at the sixty third Annual General Meeting.

 

Dhanyawaad!!

 

[This does not purport to be a record of the proceedings of the 63rd Annual General Meeting].