You are here » Home » Companies » Company Overview » Bhandari Hosiery Exports Ltd

Bhandari Hosiery Exports Ltd.

BSE: 512608 Sector: Industrials
NSE: BHANDARI ISIN Code: INE474E01029
BSE LIVE 15:41 | 25 May 2.37 -0.08
(-3.27%)
OPEN

2.54

HIGH

2.54

LOW

2.35

NSE 15:29 | 25 May 2.45 0.05
(2.08%)
OPEN

2.50

HIGH

2.55

LOW

2.35

OPEN 2.54
PREVIOUS CLOSE 2.45
VOLUME 103404
52-Week high 4.90
52-Week low 1.72
P/E 23.70
Mkt Cap.(Rs cr) 35
Buy Price 2.39
Buy Qty 3405.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2.54
CLOSE 2.45
VOLUME 103404
52-Week high 4.90
52-Week low 1.72
P/E 23.70
Mkt Cap.(Rs cr) 35
Buy Price 2.39
Buy Qty 3405.00
Sell Price 0.00
Sell Qty 0.00

Bhandari Hosiery Exports Ltd. (BHANDARI) - Chairman Speech

Company chairman speech

Dear Shareholders

I have great pleasure in presenting the Twenty Third Annual Report and AuditedFinancial Statements for the financial year ended 31st March 2016. Intoday’s fluid global economic scenario India is somewhat better placed amongemerging economies. The Union Budget 2016-17 has given a boost to the critical areas ofagriculture Textiles education rural development and infrastructure and road sector.That takes us a step closer in the direction of an economic recovery. As regards Indianeconomy after years of diminutive growth the reform momentum has picked up in India..TheIndian economy grew at 7.6 per cent in 2015-16 due to improvement in the performance ofboth services as well as manufacturing sectors. The government expects it to expand atabove 8% in 2016-17.

India's overall textile exports had remained almost flat at $40 billion in 2015-16 from$41.6 billion in the previous financial year a result of sluggish economic conditionsglobally. It also fell short of the year's target of $47.5 billion set by the government.With a host of incentives and a Rs 6000 crore package announced in the recent to boosttextile and apparel exports the government has set a higher target for year 2016-17.

Readymade garments remain the largest contributor to total textile and apparel exportsfrom India. In FY15-16 the segment had a share of 40 per cent of all textile and apparelexports. Cotton and man-made textiles were the other major contributors with shares of 31per cent and 16 per cent respectively. Rising government focus and favourable policies isleading to growth in the textiles and clothing industry. Foreign direct investment (FDI)in textile sector increased to US$ 1587.8 million in FY15-16 from US$ 1424.9 million inFY14- 15. The Ministry of Textiles is encouraging investments through increasing focus onschemes such as Technology Up-gradation Fund Scheme (TUFS). India’s RMG exports tothe world in year 2015-16 were to the tune of US$ 16997.2 million which is up by one percent as compared to the same period of the previous financial year. During the year2014-15 India’s apparel exports were to the tune of USD 16832.2 million.

As the Indian Government too has over the last few months taken some action to reviveindustrial growth encourage fresh investment and committed to reforms for industry oureconomy in the coming years should regain a trajectory of high growth.

Despite challenging global and Indian scenario your Company recorded a very goodperformance in terms of increased turnover as well as increased profitability. During theyear 2015-16 your Company was able to achieve turnover of Rs. 19868.75 Lacs as againstRs. 12496.50 Lacs in the previous year showing a substantial increase of 59% over theprevious year. The Profits after Tax of the Company for the year ended 31.03.2016 has beenRs.406.81 Lacs as against Rs. 219.11 Lacs in the previous year showing an increase of85.66% over the previous year. The Exports of the Company for the financial year ended 31stMarch 2016 were to the tune of Rs. 798.76 Lacs as against Rs. 1390.49 Lacs in theprevious year.

The Company has already successfully completed its modernization and expansion ofdyeing and fabric division by setting up new Boiler imported dyeing Machines importedstenter and open width compacter Weft Straightener water softening plant DM PlantThermic Fluid Boiler and other fabric division machines and utilities. The Company is nowplanning further expansion and modernization in fabric processing and finishing andgarmenting. The Company is planning further to widen its markets both at domestic levelsand at international levels. The long term prospects of the company are good along thegrowth path.

Alongwith the impressive strides in business we are eagerly working towards playing acommitted role in the area of Corporate Social Responsibility. We proudly state that yourCompany is a W.R.A.P B.S.C.I and C-TPAT Certified Company . Our success and growthgreatly depends on the skills and dedication of our employees co-operation of ourBankers and other business constituents whom I would like to thank sincerely . I amlooking forward to another exciting year ahead. Finally I take this opportunity to thankall the Company's stakeholders for their confidence in Bhandari Hosiery and I look forwardfor their continued support in the years to come.

Warm Regards

Sd/-

NITIN BHANDARI

CHAIRMAN & MG. DIRECTOR