It gives me great pleasure to share with you the Company's financial performance forthe financial year ended 31st March 2017. The Board of Directors of yourCompany has approved the results for this period and I wish to share some of its keyhighlights with you.
Revenue was Rs. 285.37 Crores
EBITDA was Rs. (4.53) Crores
Profit after tax was Rs. (42.09) Crores
Lowest ever rolling oil consumption / MT of output at Sheet Mill & FoilMill.
Lowest ever power consumption / MT of output at Sheet Mill & Foil Mill.
Maximized the productivity & other operational indicators of printingsection.
Down gauging of blister & strip foil for pharma customers continued &successful.
During FY 2016 - 2017 LME shown continual upward trend & were unpredictable mostof the time. This had not only resulted in requirement of additional working capitalrequirement for business but also put pressure on industry to pass these price increase tocustomers. These factors had adverse effect on financial performance of companies like us.
We at Gujarat Foils Limited tried best to consolidate our business performance byintrospecting our capabilities and tried to maintain our position in industry. We at GFLplaced a lot of focus on customer delight. We had jointly made down gauging assignment forblister & strip foil packaging very successful for few of the biggest brands inpharma. With this innovation by the GFL team had resulted in a major cost reduction forpharma companies. We had been able to achieve such milestones only because of State ofArt integrated rolling & converting facility under one roof coupled withself-motivated highly experienced technical team.
Though the financial results were not as expected but I feel proud to see the effortsmade by the team especially in the midst of acute global economic uncertainty which hasequally affected the Indian economy and some of the sectors including the metal industrieshave been faced with demand slowdown that is unlikely to turnaround quickly.
Your Company is delighted to inform you that at our Chhatral plant accreditation ofIntegrated Management System which covers ISO 9001 ISO 14001 OHSAS 18001 from BSCICprestigious Good Manufacturing Practice Certification (GMP) with reference to ISO 15378:2011 by BSCIC and certification from prestigious U.S.F.D.A has been maintainedsuccessfully.
Today your Company is enjoying the status of being one among the preferred suppliers topharma companies because of our orientation towards customer service and product quality.I am confident that we are on the right path and with the impending economic reform yourcompany will sustain this growth even further.
Regarding the future your Company is looking actively at forward integration byputting up State of Art Printing Facility expansion very soon. We are looking to establishourselves as a prime manufacturer providing end to end packaging solutions. We alsounderstand the need for backward integration of our facilities and our present activitiesinclude preparation feasibility studies for large scale expansion in these areas.
We are strong believers of value proposition and the requirements of Human Resourcewhich add comprehensively to the total reserve of the Company. We in this short period oftime have been able to put together a dedicated team of professionals and been able toretain them at Gujarat Foils Limited.
I would like to take this opportunity to express my gratitude to the Board ofDirectors Bankers Employee's Vendors and Shareholders for their continued support andthe confidence reposed on us.
Abhay Narendra Lodha