While the Company was able to maintain and grow its market share in a declining industry, its overall financial results were impacted by some of the macro-economic challenges being faced by the country, primarily due to another unprecedented devaluation of the rupee and volatility in the international oil prices. Being part of an import dependent industry where a large percentage of costs and payables are denominated in foreign currency, this devaluation had an impact on the cost base and, in turn, on financial performance.

The Company continues its focus on driving competitive business plans to deliver top quartile business performance.