With the change in our financial year we have had an extended financial period fromOctober 2014 to March 2016. This period was indeed challenging with the Automobile sectorrecording a lacklustre performance. This was compounded by increased tyre productioncapacity being added by major players. This scenario was further aggravated by significantimport of Chinese truck radial tyres at prices far below those of domestic manufacturersthereby impacting the industry.
The Automotive sector is seeing a revival in the last two quarters especially in theheavy commercial segment and we are hopeful that this trend would continue in the comingyear. MRFs turnover grew to an unprecedented Rs.22495 crores for the 18 monthperiod October 2014 - March 2016. MRFs entrenched position in the replacement markethas been one major reason for our ability to do well even in such adverse circumstances.MRFs wide network brand dominance and product superiority are major reasons for ourcontinued customer preference in the market. This was recognised by our peers when we werefeatured on the Forbes India Super 50 list and the Brandz Top 50 list of Indias mostvaluable brands.
Now with our global footprint broadening significant investments continued in brandbuilding through our sponsorship of the ICC Cricket World Cup fixtures. Looking ahead agrowing economy coupled with our enhanced and upcoming production capacities should see usnot just safeguard our position but also gain new ground. It is here that ourunderstanding of the fast changing customer needs and our speed to market in addressingthem with nimbleness that will set us apart from the others in the coming years.
K. M. Mammen
Chairman & Managing Director