Sumeet Industries Ltd. is completing its 29th glorious years and it marks an importantmilestone in the journey that over the years the company has shown commendable resilienceby continuously challenging the status quo and reinventing itself in order to meet theunmatched value in products offerings to the consumers. Going ahead we expect to continueto deliver healthy growth across our whole businesses and look forward to achieve severalmilestones on the path of excellence and profitable growth in coming years.
Global growth is consistently good since summer 2016 which adds up to a brighteningGlobal Outlook. The growth is gaining momentum with buoyant financial markets and along-awaited cyclical recovery in manufacturing and trade. As per IMF estimates GlobalGrowth is projected to grow at 3.5% in 2017 from 3.1% in 2016.
Our country went through one of the surprised reforms by way of demonetization and thelong waited implementation of the Goods and Services Tax (GST) will have a positiveoutlook on the consumption sector; we foresee the unorganized sector vacating market sharein favour of the organized sector and boost to step up our economy to go faster. GST willreplace nearly a dozen central & state levies into a single national direct tax notonly simplifying the current tax system but also hopefully make the movement of goodscheaper & seamless across the nation.
In the year 2016-17 the company has achieved highest consolidated revenue from itsoperation Rs. 140575.07 Lacs a revenue growth-rate of 13.79% in FY 17 due to maximumutilization of existing capacities and earned Consolidated Net profit of Rs. 3908.01 Lacsan impressive growth of 106.57 % over previous year due to better realisation of prices.We continue to maintain industry leading growth rates even in challenging times.
The Indian man-made fibre manufacturing industry is not only one of the rapidly growingsectors in the economy but also a critical enabler of the largest export earner amongstthe textiles industry. The fortunes of the man-made fibres industry are linked to theperformance of the petrochemicals industry at the global level and of the textileindustry at the domestic level.
We compete with ourselves in creating progressively better products. Our robust R&Dprocess focuses on process modification and development of speciality and value addedyarns i.e. micro filaments yarns carpet yarns dope dyed yarns of different colourspaving the roads for catering wide customer spectrum. During the year the company hasupgraded and also modified its existing positions of machineries to increase productioncapacity of spinning units. We do believe that your company is now at another inflectionpoint and look forward to an exciting future with continued support .
Sumeet has always been driven by determined corporate governance which has enabled usto accomplish our goals and create value for our stakeholders all through the past twodecades. I take this opportunity to thank for continued trust and confidence in theCompany by our Stakeholders Bankers and thanks to our esteemed Board of Directors fortheir constant guidance and support . I am also grateful to our customers for reposingfaith in our capability to serve them and employees for their relentless efforts and ourcommunity for its support and understanding.