Dear Fellow Shareholders
We are proud to share the performance for our company for Financial Year 16-17 duringthe period Maan Aluminium has once again demonstrated its strong determination tocontinuously deliver value to its shareholders and also provide sustainable growth thusbuilding a stronger organisation.
The company has seen immense growth and the same is reflected in our numbers year onyear we can see the total revenue has increased from 190.33 Cr last year to 349.56 Cr thisyear which is more than double. Most of the growth is attributed to trading in additionto an increase in our export market.
Twists & Turns in the Indian Market place
The demonetisation drive by the government impacted the extrusion industry equally butit only showed minimal deviation in performance and revenues of Maan Aluminium Ltd. On theother hand the implementation of the Goods and Services Tax (GST) which is a majormilestone in Indian policies is seen as a positive impact on our industry and hopefullywiden the market for organised stakeholders.
The commodity market has seen a good recovery across the board which has helped theprimary and secondary manufacturers to improve pricing and margins. In addition as perthe World Bank forecast India is expected to grow at 7.2%; highest among the developingeconomies of the world signifying opportunities for expansion through global businesschannels.
In comparison developments in China on air pollution will result in production cutsduring the winter months which would help strengthen global aluminium prices. Further morethe United States has raised dumping issues against China and this would help developingeconomies especially India to increase exports to the United States.
The growth of our company has been immense and we will continue to stride forward inthe coming years as well. Growth forecasted in the next financial year will be influencedby the positive impact of domestic and global policies in addition to inclusive growthvia increased capacity utilisation and expansion.
Ravinder Nath Jain
(Chairman and Managing Director)