The year 2020 was a gigantic stress test for us. However, we utilised the crisis to think through, identify pain points, and formulate feasible counter measures to navigate the new normal. Our balanced portfolio, stringent cost discipline and realisations from new projects enabled us to gradually improve our performance and take advantage of the pent-up demand in key markets as the economy rebooted. We launched a range of innovative products and provided service excellence to our clients, without compromising on the health and safety of our teams. During the first half of the year, all of us were pushed into uncharted territory due to the COVID-19 pandemic. We responded with agility, resilience and stayed the course, focused on our core initiatives – Protect, Retool and Recover.
In the second half of 2020, Schaeffler group launched its global strategy Roadmap 2025 supported by our new positioning – We pioneer motion. Similarly, in India, we have created our long-term roadmap aligned with the global strategy roadmap.
We will continue to stay ahead by demonstrating agility, innovation and efficiency in all that we do, while striving to enable an empowering tomorrow for all.
` 37,618 million
` 3,462 million
` 2,910 million
Reinforcing our commitment to transparent stakeholder communications, we, at Schaeffler India, started on the journey of Integrated Reporting <IR> with our Annual Report 2019. Continuing on our journey, this is our second Integrated Report. The report is guided by the <IR> framework issued by the International Integrated Reporting Council (IIRC). To inform our stakeholders on all aspects of our business, we have introduced certain key elements of the <IR> framework in the report. We will continue to add more such elements to reporting in the coming years.
Some data related to <IR> might be management estimates. The other statutory reports, including the Directors’ Report, Management Discussion and Analysis, Corporate Governance Report and Business Responsibility Report are as per the Companies Act, 2013; SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015; and the prescribed Secretarial Standards.
This report covers information on the Company’s business segments in India, along with associated activities that enable short, medium and long-term value creation.
The Company’s senior management, under the supervision of the CEO, have reviewed the Report’s content. Board members of the Company have provided the required governance oversight.
To aid navigation and to indicate cross-referencing, the following icons have been used through the report.
Contributing to the United Nations Sustainable Development Goals (SDGs)
In our report, we provide reference to the specific SDGs where we create value.