The year 2015-16 was an eventful year for Astec. Godrej Agrovet Limited("GAVL") acquired a controlling stake in the Company. Your Company is poised foraccelerated growth given the Godrej brand increased resources and synergies between Astecand the Godrej group of companies. GAVL has ambitious plans for Astec and this will drivegrowth. Astecs strategy to continue its leadership in triazole fungicides and toexpand its contract manufacturing business will remain unchanged.
The year was otherwise challenging due to a very unfavourable monsoon thus resultingin pressure on prices and volumes.
The sales were down by 2.32% to Rs.245.80 Crore whereas our contract manufacturingbusiness performed well and is poised for significant growth. We completed construction ofa new state-of-the-art plant at one of our sites at Mahad which will serve the needs ofour multinational customers.
Astec has grown by offering its customers differentiated technology platforms and inline with this philosophy we have undertaken an expansion of our Research and Developmentfacilities at Dombivili. Astec is developing a number of unique products which will placeit in a strong position going forward. Astecs investments in the area ofEnvironment Health and Safety resulted in a very satisfactory performance in this area.Astec is now integrating its systems with the Good and Green initiatives ofthe Godrej group. Astec is engaging with communities around its manufacturing plants withvarious CSR projects in the area of sanitation education and clean water supply.
Finally I would like to express my sincere appreciation to all our employees fortheir contribution towards the performance of Astec. I also appreciate the supportreceived from our customers suppliers various government departments and gratefullyacknowledge the continuous support of all our Shareholders.