it is indeed gratifying to present to you our performance for 2016-17 that stands testimony to our success in keeping our promises to our shareholders and delivering double-digit Eps growth. We withstood unprecedented challenges from economic ups and downs, especially in the domestic business landscape. We not only sustained the revenue momentum and enhanced margins but also invested in future business opportunities creating value for all stakeholders. strengthening our presence in the aftermarket segment alone brought us a cAGR of 16% in revenues during 2012-17.
We achieved all this by doing what we are good at-focus and innovation with operational excellence.
We manufactured good quality innovative products that perform better to benefit our customers; made incremental improvements using best-in-class automation and undertook select initiatives that will give us assured future growth. We continue to enrich our relationship with oEMs by offering them contemporary mobility solutions.
During the year uNo MINDA also entered into three joint ventures (Jvs) with the global leaders-onkyo, Japan to manufacture Katolec corporation, Japan to develop and manufacture box build assemblies and He, Taiwan for Rpas & advanced driver assistance products.
We continued to invest in making uno MINDA future-ready, channelizing time and resources to bolster R&D and hone the skills of our workforce. uno MINDA''''s four state-of-the-art R&D centre’s continue to develop retro-engineered products for global oEMs.
Synergistic Strategic Alliances
our strong technological partnerships with global leaders like Tokai Rika, Emer, Toyoda gosei, Kyoraku, Torica, Kosei, Katolec corp, onkyo & TTE have cemented our identity as an organization that not just innovates but also sustains and builds on it.
We have also been systematically undertaking technology-led inorganic growth. With the acquisition of clarton Horn, rinder and consolidation of pTMA and sAM global we have now created a formidable worldwide presence through partnerships and subsidiaries.
uNo MINDA has earned the status of preferred supplier with oEMs through sustained efforts in building multi-year relationships. More than 700 business partners and 10,000 touch points ensure that our products reach the farthest corners of India and are exported to usA, uK, Europe & south East Asia and AsEAN countries.
Forging long-term bonds with a focus on innovation to cater to multiple market segments across product lines has put uNo MINDA ahead of the pack, earning us respect from our competition.
Consolidation and Portfolio Optimization
A unique cohesive entity with better financial strength enhances an organization’s ability to compete in the marketplace. To be future ready and embark on an aggressive growth trajectory, we therefore needed to reorganize ourselves-consolidating product lines across the group. This consolidation also allows us to substantially cut down overheads by unifying overlapping activities. We appointed KpMG to work on a scheme to simplify our corporate structure. As of 31 March, 2017, uno MINDA successfully accomplished phase-1 of this restructuring process, which we expect to complete in the ensuing financial year.
This business realignment plan will lead to greater harmonization across our products, research and markets which we hope to gain from. We are confident of dominating most market segments our product portfolio caters to and be significant players in the rest in the foreseeable future.
Innovation-disruptive or otherwise-for us is relevant not only in the technology space that our products belong to but also in business processes that support the planning and movement of our products. At uno MINDA we have chosen to focus on optimizing the product mix by maximizing content per vehicle. powered by our strong customer relationships this optimal product portfolio will lead to enhanced profitability. It is this business process innovation that is changing the game in our favor in the emerging automotive solutions industry. We shall continue to do so in the years to come.
Responding to Evolving Market
India''''s ambitious ‘Make in India'''' programme is another opportunity that uno MINDA aims to tap. India''''s passenger vehicles production is expected to increase to 8.7 million by 2020. consequently, the demand for vehicular accessories too will rise steeply. To gain from this opportunity, we are adding speakers, infotainment systems, electronics manufacturing services (EMs) and driving assistance products and systems (DAps) to our ever-growing product portfolio.
In addition, as India develops into a sourcing hub for global oEMs, we intend to make the most of uNo MINDA''''s competitive advantage by setting up export-oriented production units across the country.
Innovation & Technology
A technology or product by itself is neither sustaining nor disruptive. Therefore, it is our responsibility at uno MINDA to choose between a sustaining path and a disruptive one while embarking on technology-led growth. We have always been led by the interests of our customers. We will continue to adapt to the dynamics of what technology is able to supply and the demand our customers make from our products. our effort will be to smartly allocate resources to priorities innovative sustenance of high-margin products in large markets while also serving disruptive innovations to niche markets.
As vehicles are progressively fitted with technologically advanced systems, it is imperative for MINDA to keep pace and stay ahead. our emphasis on utilizing technology to transform driving experience, vehicle safety, technical features and environmental consciousness is in turn driving a change in the automotive components industry. challenged by our innovative products, competitors will be compelled to defend their market share. This in turn will put us on a strong wicket financially to pursue attractive investment opportunities.
our journey till date and ahead is incomplete without our team members. Their passion and commitment towards the company has contributed largely to our growth over the years.
I would also like to thank the stakeholders for their trust and faith in our company. Your enthusiasm in what we do open up many possibilities for MINDA to play a catalytic role in shaping the future of automotive systems market in India. We promise that we shall relentlessly strive to maximize benefits to all stakeholders in the most efficient manner. We seek your partnership for another year to continue our journey of internal and external transformation and delivering value to you, our shareholders.
Nirmal K minda
chairman & Managing Director