The year gone by has been an extremely challenging one. After the strong growthexperienced during 2015-16 the Company had to face a very difficult market environmentduring 2016-17. As the year commenced the demand for our products started to weakenunusually. Even after the normal seasonal uptick the demand did not reach the levels ofthe previous year. This situation got further affected with the demonetization of the highcurrency notes in November. This disrupted the functioning of the markets severely and theeffect seemed to have continued through the rest of the year. Consequently the turnoverand profits were affected adversely for the year. Your Company continues to make effortsto develop its business on a sustainable basis. Some of these initiatives are as under:-
Strengthening the management team on the sales and distribution side.
Increasing market penetration of distribution.
Expanding to newer geographies.
Adding 10000 MT of capacity with the completion of the 2nd Brownfield expansionat the Greater Noida facilities.
Acquisition of land near Pune for a future greenfield site.
Increased focus on the development of new products.
Launching of Crax Curls in February.
I am hopeful that with the sustained efforts being made to develop our business and ademand revival during the year the business outlook should improve. I would like to thankthe entire management team for their ongoing efforts in developing the business.
I am also grateful to the Board of Directors for their unstinted support and guidance.I also thank all the stakeholders for their association with and trust in theorganization.
With best wishes
Chairman & Managing Director
25th May 2017