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MOTORINDIA
l
September 2012
73
vious year: Rs. 723.58 crores), a
growth of 10.88 per cent. The con-
solidated TRF Group performance
also improved, recording sales of
Rs. 1,327.41 crores (previous year:
Rs. 1,113.56 crores) achieving a
growth of 19.20 per cent. During the
year, TRF earned foreign exchange
worth Rs. 439.32 crores through ex-
ports, including deemed exports of
Rs. 436.44 crores, as against the pre-
vious year’s earnings of Rs. 461.72
crores through exports (including
deemed exports worth Rs. 452.76
crores).
Infrastructure sector
The Indian infrastructure sector,
in which TRF operates, has passed
through a difficult period during the
year under review. Key industry
indicators like GDP, inflation, in-
terest rates and rupee depreciation
reflected adverse trends resulting in
monetary tightening. Land acqui-
sition, environmental clearances,
shortage of coal and rising imported
coal prices continued to be areas of
concern. This resulted in a number
of planned investments being post-
poned, both by the private and pub-
lic sectors.
However, some key initiatives in
the Budget for 2012-13 as well as in
the 12th Five-Year Plan have given
rise to expectations that there would
be a turnaround in the infrastructure
sector. Investment in infrastructure
in the 12th Plan
is estimated at
Rs. 50,000 bil-
lion. The Gov-
ernment had also
announced
a
National Manu-
facturing Policy
with the intent
of increasing the
share of manu-
facturing in GDP
to 25 per cent
within the next
decade.
With
the
increased
investments in
the port, power,
steel and mining
sectors, the com-
pany is expected
to make good
progress as it op-
erates in all these sec-
tors, while new prod-
uct development and
enhancement contin-
ues to be a focus area.
The port & yard
equipment business
has turned around, and the growth
prospects here are very encourag-
ing. TRF’s subsidiaries in the auto-
motive sector continued to register a
healthy growth.
York Group
In March 2012, York became a
applications
TRF’s in-house R&D facil-
ity has been approved by
the Department of Scien-
tific & Industrial Research
(DSIR) which entitles the
company to tax benefits
on R&D expenditure.