At Green Plywood we believe that a usual response to the prevailing circumstances will not work. The Company will need to address this unprecedented reality with a complete reinvention, no less. The time is right to question every paradigm we held dear in a normalised business environment; the time is right to initiate proactive change rather than wait for the market to revive; the time is right to see opportunities in this crisis; the time is right to strengthen our business model.
At Green ply, we have charted broad initiatives to enhance our opportunity-preparedness.
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A reinventing Green plywood will reinforce its established culture for innovation. As an industry leader, the Company made a decisive portfolio extension when it introduced zeroemission plywood during the year under review, reinforcing its commitment towards the health of its consumers. The Company did not just launch a new product it pioneered the category through proprietary technology that will help in providing a new direction towards healthier interiors in India.
A reinventing Green plywood is being built around an even stronger governance foundation. We are investing deeper in the elements of good governance with the objective of enhancing business sustainability. The governance momentum was established some years ago when the Company demerged its laminates and MDF businesses into separate companies under completely different ownership and management teams with the objective to enhance focus, accountability and value. During the year under review, the management took this momentum a decisive step ahead when it appointed a professional Chief Executive Officer to manage operations within just eight months of the mergers. This is not one of routine initiatives; it represents a decisive watershed in our existence from a family driven Company towards a more professional management. We believe that a professional CEO will enable the management to see business realities not just with a new pair of glasses but with completely different eyes.
A reinventing Green ply will be built around tighter financial discipline that comprises the use of moderated working capital, shrinking the receivables cycle and plugging systemic financial leaks. The objective will be to moderate the cost structure to a point that makes us competitive across market cycles. A reinventing Green ply will penetrate its markets deeper. Even though we are one of the most extensively distributed plywood brands in India, we see considerable rural headroom. A reinventing Green ply will increasingly graduate from the sale of products to the delivery of solutions. A reinventing Green ply will protect its knowledge capital. The Company will strengthen its culture of delegation and accountability.