Our Company began a fruitful journey of excellence and transformation with modestoperations in 1967 to becoming one of the leading players in the wires and cables industrytoday. I take pride in announcing that our Company witnessed another year of outstandingperformance by delivering excellent revenue and profit growth in FY2015-16. The productportfolio expansion robust order book elite clientele base and successful inorganicexpansion strategy primarily aided our strong performance. Our turnover for the year roseto Rs. 240.2 Crores an increase of about 77% over the previous financial year with netprofit reaching a record Rs. 17.0 Crores. The impressive financial health demonstrates thestrength of our business model and highlight our prowess in the wires and cables market.
The year under review entails some significant events one of them being theacquisition of General Cable Energy India Private Limited a fully owned Indian subsidiaryof General Cable Corporation a Fortune 500 company. General Cable Energy India PrivateLimited (Rebranded as CMI Energy India Private Limited) has now become our fully ownedsubsidiary with its offerings complementing the existing product portfolio. Theacquisition has opened up an enormous revenue generation opportunity for us and createdsubstantial synergies from the inheritance of General Cable Corporation's internationalprocesses and systems for manufacturing specialised cables. On the operational front wehave received significant orders from Bharat Heavy Electricals Limited and Indian Railwayswhich has opened up new avenues for us. The inflow of such prestigious orders coupled withan optimistic view on the Indian wires and cables industry position us well to achievemultifold growth in revenue and profitability going forward.
Our Company is expected to be a key beneficiary from the overall traction in the Indianeconomy. The Government of India has undertaken several projects to rejuvenate the Indianeconomy including 'Make in India' 'Smart City Programme' 'Atal Mission for Rejuvenationand Urban Transformation' 'Swacch Bharat Abhiyan' and 'Digital India'. Similarly thegovernment's massive planned capital expenditure for Indian Railways the largest revenuesegment for us is likely to translate into higher orders for our Company.
While aspiring for growth we acknowledge the need to act with integrity andresponsibility while taking care of the interests of all our stakeholders includingclients employees and shareholders. We are dedicated maintaining the highest safetystandards to avoid any unforeseen events. We treat all our employees with dignity andrespect and take all safety precautions to ensure that they work in a healthy andrisk-free environment.
Shareholders' value maximisation has always been at the top of our priority. In syncwith our vision to maximise shareholders return we declared the first ever interimdividend this year owing to high revenue and earnings growth. The move is expected toboost shareholders' confidence and partner them in the Company's growth prospects.
At CMI we have always believed in delivering the best and satisfying our customers tothe highest level. We have always taken into account the interests of all our stakeholdersand strongly value ethical business practices. With a sense of trust commitment passionand expertise I would like to thank all our stakeholders for their support andencouragement. As we steadily move up the corporate ladder we look forward to yourcontinued support guidance and trust which will help our Company to achieve new heightsof success in the coming years.
Mr. Amit Jain