I am pleased to share with you that the Financial Year ("F.Y.") 2016-17 was aremarkable year for Bharat Wire Ropes Limited.
The Indian Economy saw a flux in the F.Y. 2016-17 on account of demonetization.
The Demonetization move has projected a positive impact on the Indian economy byeliminating unfair trade practices. This progressive measure implemented by the Hon'blePrime Minister of India Shri. Narendra Modi provided an impetus to fair trade practices.The Indian Economy has shown very promising signs of growth. The GDP of India stands at animposing 2.264 trillion USD.
In a rapidly changing domestic and world economy Bharat Wire Ropes Limited hasachieved remarkable growth in terms of revenue and profit. The Indian Government'sempowering initiatives like Demonetization and Digital India are designed to drive ournation to become a superlative country. The introduction of the Goods and Services Tax(GST) has replaced multiple cascading taxes levied by the central and state governments.This has added great value to our business proposition and leveled the playing field forour company across the 29 states of India.
Bharat Wire Ropes Ltd. has established itself as a major player in the manufacture ofwire ropes slings & strands in India. Over the years we have consistently deliveredon our commitments. The growth of our company has remained unaffected from the influenceson industries in select sectors. This is primarily attributed to our multipronged approachtowards diversifying our customer base across multiple industrial sectors and inestablishing a Replacement Market successfully. During the year we have significantlyenhanced our customer base by strengthening our product portfolio.
The demand for Steel wire ropes has witnessed an upsurge predominantly fuelled by thegrowth & development in the Oil & Gas sectors Mining Defense Shipping GeneralEngineering and Structural Engineering applications. Our service and client basedevelopment initiatives have enabled us to capitalize on this opportunity and enhance ourbusiness impressively. With our extensive experience in strategic planning and responsivemechanisms we are well positioned to address current and future challenges.
Bharat Wire Ropes Ltd. achieved a turnover of 68.07 crore in the F.Y. 2016-17. Earningsafter tax stood at 1.64 crore an increase by 22.10 % Year-on-Year. Furthermore theCompany is making efforts to promote export sales and has been successful in exporting itsproducts across the globe to more than 40 countries during the period under review. Thecompany has also approached the existing customer base with an objective of enhancing theservice element and creating an aftermarket value proposition. There has been a renewedeffort channeled at finding innovative end-user applications for our portfolio of wirerope products. In all our efforts our people were the key motivators.
Bharat Wire Ropes Ltd. has kick started its operations at our Chalisgaon Plant on March22 2017 and the same is picking up phenomenally. We are pleased to announce the plant isoperating at its optimum level. The operations at our Chalisgaon plant are expected tosubstantially increase from September 2017.
A greatly affirmative outcome in terms of Growth and Development is expected in theforeseeable future. I sincerely believe that the Company will achieve greater heights inthe years to come.
Our vision to be a "World Leading Wire Rope Company" is taking shape & weare making great strides in that direction. A Strong team Years of experience and aStrong Will to achieve drives our Company. We strive to improve ourselves at every step inour journey.
Last but not the least I would like to thank all our Stakeholders and our esteemedBoard members for their guidance and support.
I am grateful to our Customers Vendors Business Associates and Banks who havereposed their immense faith in us. I would also like to extend my appreciation to ourEmployees for their unparalleled energy and commitment.