We undertook multiple efficiency initiatives to significantly enhance our throughputand minimise our operating costs which included preventive maintenance partreplacements augmented quality check bandwidth.
FY2016-17 will be remembered as one of the most eventful years in recent memory. Theyear saw many outlier events like the Brexit referendum and the outcome of the USPresidential elections. The global economy during the year recovered at a sluggish pacewith international trade slowing down and concerns about the rising tide of protectionismacross geographies.
India faced a relatively limited impact of the slowdown in major economies because oflower trade leverage.
However any unexpected turn of events in geopolitics can affect the global financialmarket and India as well.
Despite global headwinds India continued to be one of the fastest growing economies inthe world. The year also witnessed two radical reforms (demonetisation and passage ofGoods and Services Tax (GST) Bill in Parliament) initiated by the Government of India.
Both these reforms are likely to pave the way towards greater formalisation anddigitalisation of the economy for the long term. GST is India's biggest indirect taxreform since independence and will bring about the one nation one tax' frameworkall over the country. The rollout of GST will help as growth stimulator for the polyesterindustry.
India's textile industry is expected to be a USD 223-billion market by 2021. Althoughcotton accounts for a considerable share of India's textile industry polyester iswitnessing an unprecedented growth; and is likely to supersede cotton in future. Polyesteris an integral part of everyday life. Moreover with each passing day polyester isfinding new areas of application across various downstream industries.
During 2016-17 our total income stood at Rs. 2729.57 crore against Rs. 2791.15crore in 2015-16. The operational EBIDTA stood at Rs. 23.76 crore in 2016-17 compared toRs. 89.94 crore in 2015-16. We reported a net loss of Rs. 84.23 crore in 2016-17vis-a-vis net profit of Rs. 37.03 crore in 2015-16.
In FY 2016-17 we faced an acute shortage of our key raw material PTA (purifiedterephthalic acid) as oil refineries cut production in some of their units for variousreasons. Moreover the anti-dumping duty levied has made the import of PTA unviable forour industry.
During the year under review we worked towards strengthening our operationalefficiency widening our product basket and growing our market prominence.
We undertook multiple efficiency initiatives to significantly enhance our throughputand minimise our operating costs which included preventive maintenance partreplacements augmented quality check bandwidth. Besides we improved our inventorycontrol through prudent planning.
We expanded the production capacity for our value-added product Draw Texturised Yarn(DTY) from the earlier 126000 MT to 138946 MT. Despite industry challenges weconsistently focused on enriching our product portfolio across various segments. We aredeveloping new products in line with diverse customer requirements.
For our domestic and international markets we introduced Optical Bright fibre OpticalWhite fibre Super High Tenacity (SHT) fibre Optical Bright Bright DTY yarn and BlackDope Dyed among others. Besides we have in our pipeline a varied range of specialityproducts in yarns and fibres segments.
We are always putting concerted efforts to fortify our position in the existing andunexplored markets across India and the world. We are looking forward to venturing intonew end-user segments for our comprehensive portfolio of conventional and value-addedproducts.
Our dynamic workforce consistently works hard to improve our market share and brandstrength. We have meticulously nurtured a culture of meritocracy across the organisationand encouraged transparency and knowledge share across all levels of our operatingecosystem. We provide every member an equal opportunity to contribute towards realisingthe organisational objectives. On the other hand the management takes a keen interest inenhancing the capabilities of our people to make them future ready.
We also work as a conscientious corporate citizen and help communities achieve theirdevelopmental aspirations.
We undertake multiple interventions to facilitate good healthcare services and imparteducation through skill development programmes. We focus on sustainable water conservationinitiatives afforestation and hygienic wastewater treatment.
We are fully equipped to steer our way forward with focus and fortitude in achallenging operating environment and create long-term value for all stakeholders. Onbehalf of the Board I want to thank our business associates employees shareholders andesteemed customers for their support and encouragement.
Chairman and Managing Director