Dear Shareholders of Apollo Sindoori Family
I am pleased to extend you a warm welcome to the 16th Annual General Meeting of yourCompany. On behalf of the Board of Directors I would like to thank you for being a partof the proceedings today. I am sure you share the joy and elation of yet another year ofrobust growth of your Company. This performance is especially significant given the roughroad Indian economy has had to tread this past year.
Your Company's credo to enrich lives by empowering your customers and positively affectchange in the lives of people associated with us has resonated pragmatically andconstructively amongst our growing clientele. As your Board of Directors scale up theservice offerings it is gratifying to know that your Company's customers have shownoptimism and faith in the quality and standards your Company provides.
With marked deceleration across verticals spiralling inflation dampened investorsentiments and alarmingly southward growth of the GDP Indian economy has been its fragilemost in the past year. Despite these difficult times it gives me pride to share with youthat your Company's turnover has gone from Rs. 56 Crores (Revenue excludes previous yeartravel division turnover of X 12 Crores) to X 68 Croresflaunting a healthy growth of 22%. This growth in challenging circumstances is a testimonyto the robustness of your Company's business strategy and innovative service offeringsthat helped capture new markets.
You will be pleased to note that profit Before Tax for 2013-14 is Rs. 302.64 Lacs ascompared to Rs. 279.28 Lacs for the financial year 2012-13. The growth of 8 % is exemplaryand augurs well for the forthcoming year. Profit after Tax rose to Rs. 204.45 Lacs ascompared with Rs. 188.53 Lacs for the last financial year indicative of a PAT growth of8%.
The impressive performance has urged the Board of Directors to recommend a dividend of30% on equity shares of the Company for the year 31 st March 2014 aggregating to Rs. 39Lacs.
Your Company will leave no stone unturned to create value for its Stakeholders andcustomers. Your Company's perseverance and conviction in achieving its goals consistentlyhas held your Company in good stead in adverse times yet it is important not to relent.
The year ahead looks promising for India and your Company. As your company pushes thethrottle to gain increased foothold in Catering services business across variousindustries software companies hospitals and institutions; with aggressive marketing andinnovative solutions the year ahead will prove fruitful and satisfactory to all thestakeholders. Your Company recognises that to be able to achieve amplified growth thecompany needs to move with times and gain competitive advantage by 'Revitalising' thecompany's brand image. The Company undertook a rebranding exercise that laid down thebrand's roadmap for repositioning. The repositioned branding guidelines will enhance andensure clear understanding of the brand in order to develop pride and ownership within thecompany and amongst external stakeholders. It will further strengthen and integrate theculture of the organisation through clear relevant and consistent communication and willproject a professional and contemporary image to all stakeholders giving them renewedcomfort and trust in the company's capabilities.
As a result of the rebranding the Company now has a new logo in line with our newpositioning - "Growth Partner to Enrich Lives". The New Logo is a representationof collaborative growth. Where one hand holds another and progressively the businessgrows. The holding hands are a represented with leafs suggestive of the 4 main aspects ofyour Company's business (Catering Management Services Restaurants Hospitality).
In an inflationary market it is imperative that we take innovative measures to cutcost to increase profitability. Your Company has invested in setting up a unit thatcentralises stores bakery and kitchen to optimise cost and benefit from economies ofscale. Your Company also plan to expand the number of Sketch outlets within Chennai andother lucrative markets outside of Chennai. With the improvements in lifestyle we expectthe overall turnover in India for Restaurant and Catering Operation will be doubled innear future.
Your Company takes pride in its family of highly skilled and talented employees whohave played a pivotal role in upholding the company's credo and contributing generouslytowards its growth. With regular training programmes we hope to imbibe your Company'sphilosophy and bolster the capabilities and morale of the workforce.
The journey to create a brand that stands as the doyen of quality in HospitalityIndustry is demanding and exciting one. As I conclude my address I wish to express deepgratitude to all those who have been a part of your Company's journey. The unrestrainedhard work and dedication of our efficient management team has contributed to this successalbeit a difficult year. I acknowledge their effort. On behalf of the Board of DirectorsI would like to thank our most valuable customers the Government authorities and aboveall our Shareholders for their unstinted support. I look forward to their continuedsupport and commitment to the future success of our business.
With Warm Regards