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Dear colleagues,

Happy New Year!

As we greet the New Year, I am delighted to join all Tata Pigments Family members in welcoming the Financial Year 2017. I would like to take this opportunity to thank all our employees for their sincere efforts in the past year.

2016 was by no means an easy year for us. We started off with a consolidated lower profit while withstanding the burden of excess finished products inventory, debtors and the pressure of rising prices of raw materials. To rub salt into the wound, we faced the daunting challenge of demonetization which ultimately slowed down our growth compared to last year.

In these challenging times, TPL was able to achieve two-digit profit margin by focusing on sales of high value-added products based on innovative marketing, engaging in extensive cost-saving efforts and generating revenues via the IDCS business. Such accomplishment was largely attributable to the devotion of all our team members.

I am happy to inform you that in the financial year just concluded, Company has registered sales growth of over 6% compared to the previous year and achieved net income of Rs.109 crore. The IDCS business also grew by 6% over the previous year. Although our company fell short of the ABP, considering the difficult economic situation, the highly competitive market conditions and the challenges thrown in by de-monetisation, the performance is commendable.

As the roll out of GST is planning to take from July onwards, we are expecting some improvements in the supply-demand imbalance since we are facing competition from the unorganized sectors. Moreover, the domestic paint demand is unlikely to pick up amid sluggish growth in paint-related industries and the persisting burden from the price of fuel and raw materials. The continuous inflow of imported pigments will add more pressure to the already troubled market from external woes.

Besides, our competition, the pigment & paint manufacturers have been accelerating consolidation and expansion to maintain their dominance in their respective local markets while also focusing on development of high-end products. All these factors point to ever intensifying competition both in terms of quantity and quality in the times to come.

Doing business in such a tough environment is much like fighting in a silent, yet intense battlefield. Globally, many companies in various sectors are battling hard and undergoing restructuring for their sheer survival especially if we look at the Northeast Asian region, Korea, China, Japan, companies are fiercely competing against one another to maximize their presence in the regional market. In order to remain competitive in this scenario, we should stay focused with a strong sense of urgency. In 2017, we must solidify our profitability at par with leading players, increase our market reach, make our processes more robust, and strengthen our capabilities for future growth.

We have to necessarily outpace our competitors and the industry in terms of topline and bottomline growth by upgrading our pigment and decorative business with proprietary technologies. Now that the competition in the paint industry is all about quality, we must focus on expanding sales of premiums products and provide high quality services that differentiates us and is also in keeping with Tata values and performance standards, which is known for through the decades. We will be able to generate higher customer value and maintain our market share in the market only when we raise our product portfolio to premium level based on Innovative Marketing solution. At the same time, we must transform our production site into smart factory so that we can differentiate ourselves in terms of both production cost and quality.

To diversify and grow, we have taken baby steps in the field of waste management and we must ensure future growth by enhancing our competency in this new business vertical based and progress to being and expert provider of solution for waste management.

Finally, we must engage in efforts to establish an innovative and agile corporate culture to deal with rapidly changing business environment, a culture that inspires employees to constantly come up with innovative ideas. By actively taking into account every employee's views and ideas, we should further develop them into worthwhile and profitable projects.

To that end, to promote new ideas, I strongly recommend a smart two-way communication in our daily working culture, one which is without any fear but with full of purpose and zeal. I would like to urge all employees to engage in building an action-driven organizational culture with a strong sense of ownership.

If we continue on with last year's endeavor with an equal amount of desperation and a sense of urgency, I am confident that we can achieve even higher goals in 2017. Instead of resting on last year's laurels, I urge all our TPL family members to bring out your best once again this year.

Let us all continue our journey towards progressing Tata Pigments to be the most wonderful place to work for.

Once again, I wish you all happiness, health and success in FY18.


Yours sincerely

Mr. Shubhenjit Chaudhuri
 
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