It is the core spirit of Innovation that has led to introduction ofproducts that provide high performance and cost effective solutions to deliver betterconnectivity security efficiency and cost savings for both home and office.
The slowdown trend in global economy continued and was reflected in subduedgrowth in most emerging markets as well driven by low commodity prices weak capitalinflows and declining global trade.
Against this backdrop the growth in India was fairly resilient. Following a strongpolitical mandate expectations were high on major reforms that could push the economyinto an accelerated growth path. While no major reforms were implemented India stillemerged as the worlds fastest growing large economy and GDP growth in FY2015-16climbed to 7.6% as against 7.2% in the previous fiscal.
However factors like weak monsoon and debt problems of banks resulted in slower thanexpected growth. The Indian Rupee also depreciated from Rs.62 to nearly Rs.68 to the USDollar. On a positive note the government has announced various initiatives that wouldlead to accelerated growth. The revival of several large projects both in the public aswell as private sectors would call for major networking and surveillance solutions andincrease demand.
FY 2015-16 was a good year for D-Link India. The Total Revenue on Consolidated basisincreased by 12.5% to Rs.7228.16 million from Rs.6423.53 million in the previous year andConsolidated Profit After Tax increased to Rs.243.75 million from Rs.218.58 million anincrease of 11.5% over the previous year. This performance is creditable as there has beensevere pressure on margins on account of intense competition from both well known MNCs aswell as small local players.
As we mark our 30th anniversary we are witnessing an inflection point inthe next wave of the internet. I strongly believe that the opportunities ahead will beeven brighter than those in the past.
Much of our success comes from our ability to lead transitions that take place in themarket and our passion to innovate. We use technology to provide solutions that drivegrowth and productivity for our clients. We are able to deliver intelligent cost effectivesolutions that are required in todays digital world.
Looking forward D-Link is making a strong commitment to capitalize on the growingInternet of Things movement and assume leadership of the home automation market this timeon the back of the new mydlink Home software and its growing Connected Home product line.
Our focus on high-margin valued-added cutting-edge solutions continues todifferentiate D-Link from low-cost low quality competitors who are quickly losingrelevance in the rapidly evolving consumer and business spaces. In order to excel in a newera of connectivity successful firms will need to rely on innovation integration andbrand recognition three of D-Links core strengths.
It is the core spirit of Innovation that has led to introduction ofproducts that provide high performance and cost effective solutions to deliver betterconnectivity security efficiency and cost savings for both home and office. At D-Linkit is our goal to nurture a truly customer focused culture by providing service with apersonal touch regardless of whether the customer is an individual or a largecorporation.
While the global macroeconomic environment will continue to pose complex challengesD-Links highly differentiated value added strategy remains fundamentally sound. Werealize that as the needs of the consumers become more sophisticated the demand forsimple elegant solutions only grows.
D-Link is uniquely positioned to give its customers exactly what they want; the abilityto easily access control view and share their work home and digital lives.
The year ahead could well be as challenging as the last but I am confident that as inthe past our passion to innovate will help us to convert every challenge into anopportunity.
I would like to take this opportunity to thank all our business partners and associatesfor their valued support. Let me conclude by expressing my sincere thanks to the Board ofDirectors for their invaluable guidance and the Shareholders for the confidence and faiththey have reposed in us. It has been a wonderful journey of three decades for the company;and the future promises to be even more exciting.