India is the fourth fastest growing economy in the world at 7.1%. The variousinitiatives and reforms of the Modi Government have built the platform for a quantum leapahead. High impact national projects coming to grips with structural issues which wereholding back the country's progress innovative approaches in policy making - havecollectively contributed in driving India on a high growth trajectory. Going forward theabiding sense is one of immense optimism and confidence in the future with the nationslated to grow at 7.5% to 8%.
If there is one subject that needs greater attention on the government's radar for theensuing years it is the revival of investment activity and creation of quality jobs inlarge measure. The Government is seized of these issues. The Government has taken manysteps including a sharp focus on improving ease of doing business speeding of greenclearances and stepping up public sector outlays for infrastructure.
It gives me immense pleasure to present to you another record performance on thefinancial front during the year 2016- 17. Our Company has achieved encouraging numbersduring 2016-17. I am happy to share that your Company has outpaced with a revenue of Rs 89crores resulting in 6.7% growth during the year 2016-17.
Highest ever EBITDA and PAT have shown a remarkable growth of 63.14% and 86%respectively.
Earnings per Share of the Company has almost doubled to Rs 14.32 amounting to increaseof 86.43% compared to the previous year. This performance could not have been achievedwithout focus Innovation in product development and marketing and Perseverance inoperational efficiency.
The consolidated revenues enhanced to Rs 99 Crores in 2016-17 compared to Rs 83 Croresin previous year. Net profit for FY 2016-17 stood at Rs 7 Crores and Earnings Per Share atRs 14.33. Also the company acquired the entire equity share capital of M/s. OrientalFoundry Private Limited making it a Wholly owned Subsidiary.
The Board has recommended final dividend @20% (i.e. Rs 2 per equity share of face valueof Rs 10/- each) for the year 2016-17 subject to approval of members.
The government has been investing heavily to upgrade railway infrastructure theCumulative FDI Inflows in Railway Related Components from April 2000 to March 2017 stoodat USD 798.55 million. Total infrastructure spending is expected to be about 10 per centof Gross Domestic Product (GDP) during the 12th Five-Year Plan (2012-17) up from 7.6 percent during the previous plan (2007- 12).
In the Budget 2017-18 the total capital and development expenditure of Railways hasbeen pegged at Rs 131000 crores. This includes Rs 55000 crores provided by theGovernment. The Company has consistently delivered strong financial performance over thelast years while transforming its product portfolio. It has been successful in forgingdeep relationships with its customers i.e Indian Railways deriving majority of thecompany's revenues.
Going forward we will continue to focus on cost efficiencies quality control marketpenetration and technology upgradation.
All these could not have been achieved without whole-hearted support of loyal partnersoutstanding human capital and committed shareholders. I thank all customers vendorsbankers and employees of the Company for their unstinted support. I take this opportunityto thank everyone who have contributed to deliver the stellar performance in the year2016-17 and thank them for their belief.
Thank you for your support.
Chairman 8i Chief Financial Officer.