PRIVI SPECIALITY CHEMICALS LIMITED Annual Report 2020-21

05 Annual Report 2020-21 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS chain optimization, smart procurement, long term coal linkage which helped in absorbing escalation in input costs and new product development. Your Company continues to maintain its leadership position in the synthetic aroma chemical segment and continues to consolidate its preferred supplier status amongst leading F&F houses and FMCG companies. Further, your Company remains confident of fortifying its market standing in the aroma chemical segment by way of continuous investments in technology and building a future ready product portfolio. We are sharply focused on improving operating efficiencies and reducing manufacturing costs for achieving improved financial performance. What motivates and energizes us to deliver amidst the challenges are our core business values, positive mindset, and the commitment to drive profitable growth. I am, therefore, sharing the core values and beliefs that we have pursued resolutely over the years to build Privi Speciality Chemicals Limited . Being Globally Competitive In the current globalized business scenario, it is essential that our operations remain globally competitive. While there are certain advantages of operating in India due to its low manpower cost, high talent pool, among others, the disadvantages include higher electricity tariffs, state of-the-art infrastructure, etc. For us, it is even more imperative to be globally competitive as around 70% of our revenues are generated from exports. Your Company, therefore, emphasizes on building a technically equipped team of professionals who work tirelessly towards improving the input and manpower costs while completing projects within the scheduled time frame. CreatingGlobal Scale of Operations As the market for aroma chemicals is primarily based in the developed countries, we are steadily ramping up our manufacturing capacities to penetrate and increase our competitiveness in developing countries like India. I am happy to state we qualify amongst the top two global manufacturers by size for our leading products like Dihydromyrcenol, Amber Fleur, and Pine Oil. Maintaining market and customer share Customer satisfaction and timely delivery of products is our topmost priority. Our operating teams work round-the-clock to ensure meeting of delivery timelines. Our interaction with the customers is ongoing, and we diligently work on meeting newer requirements of aroma chemical molecules. Our aim is to maintain the market share for our products and increase customer base by widening the product basket. Creating long-term sustainability Being a leading producer of bulk aroma chemicals, it is our prime responsibility to maintain sustainable operations and minimize environmental footprint. For this reason, we emphasize on creating holistic sustainable practices. We are a well-structured organization that secures continuity by maintaining a robust infrastructure. ENSURING SUSTAINABLE OPERATIONS At Privi Speciality Chemicals Limited, Corporate Social Responsibility is not just about the discharge of legal obligations, but about working towards improving the lives of the communities in which we operate. We have implemented wide-ranging CSR programs during the year for improving the livelihoods of the underprivileged communities in the realms of Education, Healthcare, Skill Development, Rural Development, and Environmental Sustainability. Our culture enables us to pursue our mission with a growth mindset. Further, your Company is committed to environmental sustainability, ecological balance, protection of flora and fauna, conservation of natural resources, maintaining quality of air, water, and soil. We also aim to become a Zero Liquid Discharge company. CONCLUSION With the gradual resumption in economic activities, we expect to report improved performance in the coming year, supported by our diversified product portfolio, superior brand image, long-standing relationships, and robust execution capabilities. Your Company’s philosophy is to drive long-term value creation to serve the best interests of all our stakeholders. I wish to thank my colleagues on the Board and our teams for responding positively to the testing times and, most of all, I thank our shareholders for their unstinted confidence and faith, which has, in my view, geared us to take on more challenges. I look forward to the continued support and dedication of our teams in our journey forward. Warm Regards, Mahesh P. Babani Chairman and Managing Director