The economic slowdown has constrained the working of the companys chemical, textiles and sponge iron businesses during the year under review. This was offset by the enhanced performance of the cement business. To rationalise its manpower, the company has offered a voluntary retirement scheme (VRS). A total of 1,004 persons have opted for VRS. They were paid Rs 280 million besides their regular retirement benefits. Despite various factors affecting the economy, Grasim has recorded a good performance during the year. Grasims inherent strength, strong fundamentals, a continual stress on operational excellence, cost optimisation measures, effective financial management, continuous restructuring of business process, aided by an expected improvement in the cement sector, bode well for the company. It is poised for a significant growth in the years ahead and its overall outlook continues to be positive.