Hindalco Annual Report pages. Demand growth will be strongest in consumer-related sectors. The other two industries - machinery and consumer durables are expected to be the laggards as they have begun to slow last year. The construction sector is also likely to remain subdued.

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Aditya Vikram Birla We live by his values. Integrity, Commitment, Passion, Seamlessness and Speed. Furthermore, a barrage of monetary stimulus has driven down interest rates close to zero in many of the advanced economies.

The IMF projects global growth to inch up from 3. Growth in the advanced economies is projected at 1. Growth in the emerging markets in , overall, is projected at 4. Growth in Latin America is expected to be only 0. No sustained upside is seen in oil and commodity prices in The path ahead for the global economy remains challenging, with greater uncertainties thrown in.

Concerns persist about the slowdown in China and its ability to shift smoothly from export-led to domestic-led growth. Fiscal pressures will accentuate in the oil producing countries, including the rich Middle-East countries. Financial markets remain nervous and exchange rate volatility has been pronounced. This is reinforced by the impending reversal of the interest rate cycle in the US. For , GDP growth is projected at 7.

This would make it the fastest growing among the large economies. This is particularly creditable in the context of two successive unfavourable monsoons and a decline in exports.

Recent data indicate a 5. The rise in the consumer price index averaged 4. The wholesale price index declined 2. Overall, the economic fundamentals are sound. There have also been positive moves on the policy front, in areas related to ease of doing business, promoting start-ups, rationalising the tax structure and administration, and opening up more areas for foreign investment through the automatic route.

The government is substantially stepping up infrastructure spending. Having said that, some issues come to the fore. For instance, capital investment will take time to revive, given stretched corporate balance sheets, low capacity utilization, at only Slow global output and trade growth will continue to impact exports.

There is also the overhang of non- performing assets in the banking sector. The growth in the manufacturing sector has been subdued, including a decline in the output of capital goods. This was despite a sharp drop in LME and the decline in aluminium ingot premium that caused a large adverse metal price lag. The year was indeed a milestone year for your Company. Aluminium and alumina production at 1. Of the 4 coal blocks — two in Chhatisgarh and two in Jharkhand - bagged by your Company in the auction process, both the Gare Palma mines in Chhatisgarh have become operational.

Copper production for the year was at a record level of KT. The continued thrust on value addition led to a higher production of continuous cast rods. Additionally, it commissioned two new automotive lines in the US and in Europe. Outlook The overall outlook for commodity markets continues to be challenging. The macroeconomic headwinds persist and the uncertain global macros pose many concerns.

Our People: Our Pride Despite yet another challenging year, we have achieved good results. Having worked extensively on the people front for over a decade, I am happy to state that our leadership processes are now mature.

At the management level we have built quality bench strength. To create a leadership pipeline to the Business Head roles within the next couple of years, we have created the Aditya Birla Fellows programme.

The managers who have won this recognition are put in charge of critical Group- wide projects under my personal oversight. Up until now, we have named 14 managers who have tremendous potential to rise to the stature of Business Heads, going forward. A slew of other initiatives have been set afoot to grow leaders from within. To do so, we have announced a hiring freeze at the middle and senior management levels for the next 3 years.

It paves the way for accelerated talent growth. It was launched last year. Up until now, 20 of the 35 graduates of this programme have already moved roles to take on higher responsibilities. In the last 2 years nearly a from this slot have moved across functions and businesses.

Additionally, we have 25 mid-career participants who have joined us in the Group Manufacturing Leadership Programme. The second batch of 39 women leaders is making good progress on their way to greater responsibilities. As of now, we have nearly 5, women — 14 percent in the managerial cadre. With a mix of academics and live case studies, these programmes enable our people to keep abreast of the developments in their area and stay contemporary.

Side by side the Gyanodaya Virtual Campus hosts more than e-learning modules in multiple languages. During the year, over 25, employees chose to access these programmes. In sum All these moves are a testament to our commitment to accord a World of Opportunity for our people and they are leveraging it. Our people are fully aware of what business needs to succeed. They are committed to contribute their best to our values based, performance driven, meritocratic culture.

We are future ready.


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