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Diana Tea Company Ltd.

BSE: 530959 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE012E01035
BSE LIVE 14:56 | 21 Nov 23.30 1.10
(4.95%)
OPEN

22.50

HIGH

23.30

LOW

22.20

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 22.50
PREVIOUS CLOSE 22.20
VOLUME 49141
52-Week high 33.20
52-Week low 17.00
P/E 11.83
Mkt Cap.(Rs cr) 35
Buy Price 23.30
Buy Qty 41188.00
Sell Price 0.00
Sell Qty 0.00
OPEN 22.50
CLOSE 22.20
VOLUME 49141
52-Week high 33.20
52-Week low 17.00
P/E 11.83
Mkt Cap.(Rs cr) 35
Buy Price 23.30
Buy Qty 41188.00
Sell Price 0.00
Sell Qty 0.00

Diana Tea Company Ltd. (DIANATEA) - Chairman Speech

Company chairman speech

1996 DIANA TEA COMPANY LIMITED CHAIRMAN'S' SPEECH Dear Shareholders, A very hearty welcome to you to the Eightyfifth Annual General Meeting of your Company. The Register of Directors share holding under Section 307 of the Companies Act, remains open for members. As the requisite quorum is present, I declare this meeting open. The Reports and Accounts for your Company have been with you for some time and with your permission, I shall take them as read. CROP Tea made by your Company during the the year under review was 20.17 lakh kgs. as against 20.50 lakh kgs. In the previous year. The crop was slightly behind when compared to last year. The targeted crop of 21.50 lakh Kgs. could not be achieved because of representation of drought in North India in the early part of the season. PERFORMANCE HIGHLIGHT Despite loss of crop turnover increased from Sale of tea for the year ended 31st March, 1996 to Rs. 938.78 lakh as against Rs. 762.87 lakhs in the previous year which was increased by 23.06%, due to better unit realization. Gross profit before depreciation and taxation went up by 76.20% to Rs. 260.58 lakh. Depreciation provision for the year was Rs. 27.50 lakh. Net profit is up by 81.79% for the year amounting to Rs. 220.08 lakhs as against Rs. 121.06 lakh in the previous year. After transfer of Rs. 10.61 lakh from the previous year the net amount available for appropriation is Rs. 230.69 lakhs. INCOME-TAX Changes effect in the rate of depreciation reflected positively on profitability and enhanced rate of interest burden have no doubt increased the cost, but the profitability of the company continued to rise due to better quality and unit price realisation. Inspite of rapid rise of other input cost it is expected that there will be further improvement in the results of your company during 1996-97 since unit realization is up by Rs. 5/6 when compared to last year. PROSPECTS C.T.C. Production upto and July 1996 is ahead by Rs. 18.1 million kgs. and the Orthodox is ahead by 6.7 million kgs. The ahead in production C.T.C. and Orthodox is mainly from North India. Export of tea this year till August are lower by 55% against last year. This situation has arisen because Russia, the main importer of Indian tea has not entered into Market as yet. But it is anticipated that Russia will re-enter into Market in near future and new buyers like USA, Japan, South Africa etc. are trying to enter in Indian tea market. With the assumption of exports remaining at par with last year and domestic consumption increasing in the rapid pace from 3% to 5% per annum when compared to last year. There is an anticipation of tea shortage by the end of the year which would further boost up the average realization of tea prices. We expect to achieve better working results if the market remains unchanged as the Current levels of price realization is already showing. DIVIDEND Your Directors always believe in prudent rewards to its shareholders. I am happy to report that the Board of Directors have recommend 20% Dividend on Equity on prorata basis. PUBLIC ISSUE We have received the Public Issue fund during the later part of the year 1995-96 and so the programmed development work could not be done within the specified period. But the work on programmed development are going on at the Tea Estates. ACKNOWLEDGEMENT I am thankful to the workers, staffs and officers of the Company for their co-operation. I am thankful to Tea Board, Financial Institutions, Brokers, Suppliers, Clients, Stock Exchanges and Government Bodies who are always giving us a helping hand. I am grateful to my other colleagues on the Board for their guidance and wise council. My sincere thanks to our valued shareholders for the confidence they reposed in the management of the Company. Thanks CHAIRMAN