It gives me great pleasure to share with you the Company's financial performance forthe financial year ended 31st March 2016. The Board of Directors of your Company hasapproved the results for this period and I wish to share some of its key highlights withyou.
Revenue was Rs. 453.34 Crores
EBITDA was Rs. 44.31 Crores
Profit after tax was Rs. (1.56) Crores
Highest and best ever productivity achieved from Coater Machine in ConversionDepartment
Maximized the productivity & other operational indicators of printingsection
Successfully developed universal lacquer for Blister Foil Coating
Down gauging of blister & strip foil for pharma customers
FY 2015 2016 was an year of consolidation for Gujarat Foils Limited (GFL). Weintrospected our capabilities consolidated and positioned ourselves to take a bigger leapin future. We at GFL placed a lot of focus on converting customer's dream into reality. Toname a few such prestigious assignments we had successfully developed universal lacquersuitable for sealing on PVC as well as PVDC side for very first time at GFL. We hadjointly made down gauging assignment for blister & strip foil packaging verysuccessful for one of the biggest brands in pharma. With this innovation by the GFL teamresulted in a major cost reduction for pharma companies. We had been able to achieve suchmilestones only because of State of Art integrated rolling & converting facilityunder one roof coupled with self-motivated highly experienced technical team.
In a very short span of time your Company has been accredited to the status of"most preferred vendor" status by some pharma majors and now broken through into the top five aluminum based packaging companies in the country. This is no mean taskgiven the exceptional tailor made requirements of customers in the foil packagingbusiness.
We have achieved the operational highlights with a strategic focus to shift thebusiness from bare foil to converted foil for better value addition with focus on maximumloading of printed products. Volume and demand is picking up from pharma customers invalue added products i.e. printed foils. Further we have streamlined and consolidatedour customer base.
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. This enables your Company to provide packaging materials to Indian as wellas Multi National pharmaceutical companies for their final products to be used inregulated markets.
I feel proud to inform you that GFL is now affiliated to GLAFRI - Global AluminiumFoil Roller Initiative which is world renowned organization for its initiatives infoil promotion based out of Dsseldorf - Germany. This association will give GFL furtherimpetus to be a premium foil based packaging organisation both in domestic as well asinternational markets.
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