Dear Shareholders,
Greetings to all of you. I hope this message finds you and your loved ones healthy and safe.
The year 2021 was a rebound year for the global economy after the havoc the COVID-19 pandemic played on it during 2020. Notwithstanding the second and third waves seen in some of the major world economies, the economic activity across the globe expanded by 6.1% over 2020 due to therepressed demand, government initiatives to mitigate the economic impact of the pandemic, and increasing vaccination rates. However, the supply chain bottlenecks due to the pandemic-related disruptions and the Russian-Ukrainian war have cast a cloud on the economic recovery. Inflation has become a major cause of concern across the world and most central banks are responding by increasing policy rates and/ or sucking out excess liquidity from the market. These are likely to have a significant impact on the global GDP growth in 2022 and 2023.
Indian economy tracked the global economy during the FY2021-22 period when it once again became the fastest growing major economy in the world with a YOY GDP increase of 8.9%. With the pandemic related restrictions being gradually removed, the reform measures and stimulus support given by the central and state governments, and the growth in consumer demand, the macro environment was supportive of growth across the sectors. The Manufacturing sector recovered from a 0.6% decline in FY2020-21 to a 10.5% leap during FY2021-22. The domestic market was not the only one bubbling with optimism, as the country’s overall and merchandise exports touched record highs during the financial year. However, the global factors such as geopolitical tensions, inflation, and tight monetary policies have affected the near-term prospects of Indian economic growth too. The growth projections of FY2022-23 for India have been revised downward by most agencies and with a negative bias due to continuing downside risks. The estimates for FY2022-23 growth range from 7% to 8%.
Due to the lack of banking facilities, the Company was unable to bid for any new jobs during the year. The Company has only executed the current projects, delayed/disrupted due to covid, which has impacted the revenues and financials of the Company. On standalone basis, the Company has registered total revenue of Rs. 1024.28 Lakhs in FY 2021-22 as compare to the total revenue of the Company of Rs. 1509.69 Lakhs in FY 2020-21.
In terms of the execution, some of the major projects that the Company successfully worked on during FY 2021-22 include:
Surinder Paul Kanwar
Chairman and Managing Director
Raunaq EPC International Ltd.
20 km Mathura Road,
P.O. Box- 353, P.O. Amar Nagar
Faridabad-121003
Phone: +91-129-4288888
Fax: +91-129-4288823
Email: info@raunaqintl.com