I am pleased to inform you that your Companys performance has significantlyimproved over the previous year. Sales grew by 36.55% from Rs 22190.14 Lakh to Rs30301.34 Lakh while Profit After Tax grew by 5296.89% from Rs 35.38 Lakh to Rs 1909.42Lakh. This was achieved in spite of reduced selling prices which negatively impacted thetopline.
The improved performance was due to better plant utilization and debottlenecking whichenabled us to meet the increased demand for our products. Significant reductions wereeffected in operating costs and borrowing cost.
The outlook for the current year is bright and we expect to further improve ourperformance. Our order books are healthy. We expect that some of the projects undertakenduring the year will come on line which will further improve performance. These includethe introduction of new products backward integration and efficiency improvements.
Our Environment Health & Safety (EHS) performance has continued to be good. Wecrossed 3 million hours worked without lost time injury. One of our sites operates on azero discharge basis and we have made significant improvements in controlling thegeneration of wastes. We have been audited by multinationals and the results are veryencouraging. Our Responsible Care initiatives are yielding good results.
Our integration with Godrej is going well and many processes have been strengthened. Wehave successfully implemented the SAP ERP system and Human Resource (HR) functions haveimproved. Our Research & Development (R&D) facilities at Dombivli have expandedand this will result in increased development capabilities.
Our Corporate Social Responsibility (CSR) activities continue satisfactorily and wehave completed some projects in the areas of drinking water supply sanitation andeducation.
Finally I would like to express my sincere appreciation to all our employees fortheir contribution towards the performance of the Company. I also appreciate the supportreceived from our customers suppliers various government departments and gratefullyacknowledge the continuous support of all our Shareholders.