Dear Shareholders of Apollo Sindoori Family
It gives me an immense pleasure to welcome you at the 19th Annual General Meeting andto place before you the Annual Report of your Company for the financial year 2016-17.1 amdelighted to inform our members that Apollo Sindoori Hotels Limited has delivered as ayear of impressive performance despite challenging macroeconomic conditions prevailedacross the Economy and Hospitality Industry. We remained steadfastly committed to ourvision to be the most successful organization in the Food Serv ice Industry.
The Annual Report for the year ended 31 " March 2017 along with AGM NoticeDirectors' report and the Audited Financials of the company have already been circulatedto you. With your permission. I take them as read. Before I could touch upon theperformance ofthe company I would like to narrate the economic scenario under which theCompany operated during the year and the challenges faced by the Company and industry.
This year has been marked by several historic economic policy developments. On thedomestic side a constitutional amendment paved the way for the long-awaited andtransformational goods and services tax (GST) while demonetization of the large currencynotes signaled a regime shift to punitively raise the costs of illicit activities.
In a challenging external environment your company performed well and deliveredanother year of consistent competitive and responsible growth. During the year theCompany has recorded sales of Rs. 133 crores. PBT for 2016-17 is Rs.9.01 Crores ascompared to loss of Rs. (3.36 Crores) for the financial year 2015-16. PAT increase to Rs.6.01 Crores as compared to Loss of Rs. (2.42 Crores) for the last financial year.
The Major achievements during the year are as under Control measures & intiatives:-
We were highly successful in implementing the restructuring process across allthe Units and Corporate office.
All the process was streamlined and controls wereexccuted from the Corporateoffice.
Robust control measures were taken to streamline expenses incurred in variousdepartments across all units.
New projects with various sectors like Banks MNC Institutions and Hospitalsacross India are in pipeline.
We are also in the process of exploring more business opportunities acrossvarious sectors to spread our business wings PAN India.
1 wish to place on record the deep appreciation of the valuable contribution of theentire management team and other employees at all levels without which the progressachieved would have been unattainable. We have a proven track record of success and webelieve we are well positioned to capitalize on the growth opportunities in front of us. 1am energized by the opportunity ahead as we look to become the number-one HospitalityCompany.
We remain committed to you. our shareholders and thank you for your continuedconfidence and support.
I acknowledge the valuable guidance support and co-operation received from thel>irectors on the Board of die Company and thankful to the Banks.
With Warm Regards.