Dear Shareholders,

The year 2018-19 tested our resilience and commitment in a tough industry environment, but we remained steadfast in our objective of delivering difference in the power sector through our operational expertise. We grew our business competency, attracting partnerships from global technologically advanced corporates.

The Indian economy has emerged stronger, navigating global uncertainties, owing to its strong fundamentals. India remained the fastest growing major economy in the world; its GDP strategy. Our focus is on strengthening our EPC vertical to produce low-risk, long-term cash flows, while our extraordinary operating team continues to optimise and expand our portfolio. Overseas, we are exploring unique projects that we can contribute to, leveraging synergistic partnerships with global experts. This serves the dual purpose of broad basing our business and profiting from the currency movements. We are looking at high-potential, underserved emerging markets in Africa and South Asian Association for Regional Cooperation (SAARC) countries that are witnessing rapid electrification.

Coming to the financials, our revenue from operations stood at ₹ 988.6 crores in 2018-19 vis-à-vis ₹ 1,294.4 crores in 2017-18. We recorded a net profit of ₹ 193.2 crores in 2018-19 vis-à-vis ₹ 204.9 crores.

Over the years, we have always stayed ahead of the industry curve, with quality delivery as a key differentiator in the marketplace. We continued to deliver well-rated performance throughout the lifespan of our solutions. We are also consistently bringing in finer solutions that enhance efficiencies, eliminate redundancies and increase economies of scale. Each of our solutions encompasses more than 500 components, and it is critical that we maintain the quality of each and integrate them in a manner that enhances overall functionality.

In a knowledge-driven business such as ours, talent remains a critical growth engine. We organised comprehensive training programmes round the year, in house and out of office, to augment the competencies of our teams. A key priority for us, in the year, was to bring in a higher degree of trust, transparency and openness within the organisation to foster a productive work culture.

We also aim to upskill and support the marginalised sections of the society, integrating is likely to grow at 7% annually (Source: Central Statistics Office). A key enabler of this growth will be the country’s ability to fulfil its electricity demand. The Government’s streamlined efforts to bring electricity to the remotest corners of the nation, to strengthen the grid network and to reduce stress on distribution companies are helping debottleneck the industry.

Today’s electricity space is dynamic, with new technological and commercial approaches creating opportunities and challenges across our markets. As a leader in the contracted power infrastructure space in India, we are well positioned to capitalise on our disciplined growth them into the mainstream. We have undertaken various initiatives in the health and education field as part of our corporate social responsibility.

Looking ahead, I am confident that our expertise, experience and excellence will lead us into a brighter future. We will continue to adopt the latest technologies, explore the newest applications and be at the forefront of industry innovation. Our project pipeline remains attractive and robust, which should be growth accretive over the next several years.

On behalf of the Board of TEECL, I thank our shareholders, employees, partners, clients, associates and various other stakeholders for their continued support in building a strong, vibrant and responsible organisation.

P. P. Gupta

Managing Director