Financial Year 15-16 was a crucial year in the company's journey of transformation andturnaround.
With new leadership at helm and relentless focus on improving profitability thecompany achieved significant improvement in its profitability.
The company has realigned its customer portfolio and took several measures torationalize capacity utilization to improve operating margins by enhancing productivityand operational excellence. The company also executed an organisation restructuring andleveraged its strong design expertise to provide better customer service.
We also expect recent Government initiatives and the new textile policy will enhanceIndia's competitiveness and give tailwinds to the apparel exports sector in India.
There is a clear shift in consumer behaviour affecting Brands and Retail
Outlets: with new customers and different retail formats emerging. Our Mission is to becustomer-centric and closely connect with our Customers and markets.
The apparel exports industry continues to face challenges but your Company haspartially offset these by rationalizing cost structure across the value chain. Yourcompany has also unlocked real estate assets to improve liquidity and lower borrowings.All these measures have delivered a significant increase in PBT.
We play to our strengths in monitoring and tracking market trends and taking decisiveinitiatives to create value and improve our speed -to -market.
On behalf of the organisation I thank our valued customers who continue to support us.We truly value the trust they have reposed in the company and we will continue to serveand strive towards creating sustainable partnership.
I express my gratitude to all the employees for their utmost dedication and service inthe past : its our source of strength to secure the future.
We also thank our business partners vendors and other business associates who formour extended partnership network. We depend on their continued support as key enablers andtheir continued support has been instrumental in overcoming challenges. We value theserelationships as they are an integral part of our business.
Further I thank this outstanding board for their guidance on governance and strategicdirection.
I also wish to thank you and all stake holders for continued patience supportconfidence encouragement and trust in the Company.
Richard B Saldanha