BEML or Bharat Earth Movers Limited is an Indian Public Sector Undertaking that manufactures many equipments that include heavy machinery. These machineries include types of equipment that are used for earth mining, transport, and moving. BEML is in the business for decades. It was incorporated in May 1964 and is alive since then, it is a widely appreciated Indian company. It was wholly owned by India’s Ministry of Defence until 1962 and thereafter, 25% of the company was divested. During the Covid-19 crisis, like all other companies, this company suffered too. Now, the company implemented a ‘catch-up’ plan in order to prevent the loss due to the Covid-19 pandemic. So, let’s deal with this ‘catch-up’ plan.
More About The ‘Catch-Up’ Plan :
The Covid-19 pandemic and the lockdown brought a reduction in BEML’s turnover. The manufacturing facilities and other parts of the business stopped. This brought down the overall performance of the company since March this year. The Chairman and Managing Director of the company, Deepak Kumar Hota said that the manufacturing units are now operating near normal now and will probably continue to do so. We expect that the company will regain its pace soon. He also says,
“There was a shortfall of revenue vis-a-vis our plan in the first quarter. We are making our best efforts to make up this shortfall from the second quarter onwards. We are also trying to reduce cost through various cost optimization strategies and austerity measures so as to minimize the impact on the bottom line.”
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Indeed this is big news for the enterprise as the company has suffered a loss in revenue, a halt of customer interflow, and also, there was also much less in the cash flow in the company. The Bengaluru-centered company set a target for around 4000 crore rupees in the fiscal year 2020-21 as supposed to INR 3026 in the previous fiscal year. This is indeed a huge increment for the company in these hard times and the entire company is based on the input from customers.
Hota said that the company is now implementing a “zero import” policy and also is considering inviting an “expression of interest” for the indigenous development of items being imported.
Therefore, now the company is trying to stand on its knees. This is indeed a great task that it seeks to achieve. The Covid-19 pandemic indeed hurt us all. Everyone continues to suffer in these hard times. It is situations like these that the qualities of leadership take over. The Managing Director of BEML has shown great leadership.