It gives me immense pleasure in presenting to you the 30th Annual Report ofthe Company and thanking you for your continued support and goodwill that is critical tothe success of your Company. I and on behalf of the India Steel Board of Directors wouldnow like to highlight some key aspects of the year under review:
Revenue touched an all-time high of ' 104845.50 lakhs in comparison to the lastyear revenue as ' 64407.58 Lakhs while EBITDA increased by 13.36 % to ' 3 404.96 Lakhs.However PAT was lower due to higher interest and depreciation on account ofcapitalization of the 120 MW captive power plant.
Net worth of the Company has increased from ' 237.02 Crores in F.Y. 2015-16 to '244.974 Crores in F.Y. 2016-17 due to increase in profit for the year ended 31stMarch 2017.
During the Year Mr. Deepak Kumar Gaur joined the Board having rich experience of over21 years in Operations of Various Iron and Steel Plants previously associated withleading stainless steel producing companies.
Steel being crucial to the development of any modern economy and is also considered tobe the backbone of human civilization. The level of per capita consumption of steel istreated as an important index of the level of socio-economic development and livingstandards of the people in any country. It is a product of a large and technologicallycomplex industry having strong forward and backward linkages in terms of material flowsand income generation.
India's economic growth is contingent upon the growth of the Indian steel industry.Consumption of steel is taken to be an indicator of economic development while steelcontinues to have a stronghold being a key ingredient in traditional sectors and severalindustries such as construction housing and ground transportation special steels areincreasingly being used in engineering industries such as power generation petrochemicalsand fertilizers will continue to be related closely to the economic prospects of acountry or region. India occupies a central position on the global steel map with theestablishment of new state-of-the-art steel mills acquisition of global scale capacitiesby players continuous modernization and up gradation of older plants improving energyefficiency and backward integration into global raw material sources.
India is mature in the world stainless steel industry with ever-increasingproduct-range & capacities. There is a growing pool of skilled labour and technicalstaff that are capable of managing metallurgical & process parameters of stainlesssteel. India Steel Works is poised at the forefront of the Indian stainless steelindustry and its strategic location is perfect for capitalizing on this. The plantlocated just outside the thriving hub of Mumbai city is close to the ports perfect forinternational shipment and at the hub of the Indian highway system for domestic transport.We believe that in staying true to our motto of "Inner Vision. Global Action" wewill maintain our relationships with all our stakeholders grow continuously and matchthe world's best in stainless steel having a perfect combination of Dedication Aim andRoute Map.
While our Management team & employees took significant initiatives to improve theoperating performance market challenges offset the benefits of internal improvementefforts leading to significant profit erosion. Our in house testing labs are equipped withworld class testing equipment and our quality control team works independently toguarantee that there is no compromise on the quality of steel that we deliver.
Finally I would like to take this opportunity to thank you as the shareholders of theCompany for your support & motivation to the Company during the year. I would alsolike to thank the lenders customers suppliers various national & provincialgovernments with whom we have been working further shall appreciate the employeesworkers and Unions of India Steel group Companies who have stood by the Company & Ilook forward to their continuous dedication and support in the future.
Ashwinkumar H. Gupta Chairman DIN: 00010850