RANE BRAKE LINING Chairmans Speech

Dear Shareholders,


Fiscal 16-17 was a good year of delivering on the Vision of Decade of Profitable Growth.


In line with the vision of profitable growth, the Company had rolled out cost reduction initiatives to improve margins. It was year which saw a focus on building stronger OEM relationships and continued focus on R&D capabilities to have a stronger and larger product portfolio.


While total income has grown by 9% to Rs. 491.96 Crores, EBITDA and PAT have grown at a much faster pace. Since FY12, total income has grown at a CAGR of 6%, however, EBITDA and PAT have grown by 12% and 16%, respectively.


A strong product portfolio with a best in class product line helped the Company post a 10% revenue increase in the Domestic market. This was partly led by the OEM business which grew by 16% during the fiscal and the aftermarkets segment which saw a growth of 8% during the year. Railway business went down by 34%.


Looking forward, I am bullish on the Indian economy and the automotive segment.


The rollout of the Goods and Service Tax is expected to further aid the growth of the economy. Normal monsoon, low interest regime, strong rural demand are likely to further fuel the growth.


The Company will continue to roll out multiple initiatives to seize the growth opportunity. These include a strong focus on R&D to create state of art and world class product portfolio, building capacities to support new and existing OEM customers and innovative, cost competitive new products for the aftermarkets. We continue to invest in our key asset - people, to build capabilities to prepare them to take on the challenges and deliver on our Vision.


On behalf of the Board of Directors of Rane Brake Lining Ltd., I thank our stakeholders -Employees, Customers, Vendors, Investors, Bankers and Communities - and remain committed and sincere in our efforts to keep delivering better value in the years ahead.


Regards,


L Ganesh


Chairman

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