Your Directors are pleased to present the 35th Annual Report of the Company withAudited Financial Statement for the year ended March 31 2017. The financial highlightsare as follows: (Rs. in Lakhs)
|PARTICULARS ||2016 2017 ||2015 2016 |
|Total Revenues ||97050 ||100758 |
|Profit before depreciation and Taxes ||10047 ||7668 |
|Profit before taxes ||6640 ||4037 |
|Provision for taxes (Incl. Deferred Tax) ||2559 ||1594 |
|Profit for the year after taxes ||4081 ||2443 |
|Balance brought forward from previous year ||1041 ||1054 |
|Profit available for appropriation ||5291 ||3497 |
PERFORMANCE REVIEW AND THE STATE OF COMPANY'S AFFAIRS
The year gone by has been challenging at times exciting stressful and overall is amixed bag for the rural and semi-urban economy of the country. There was a normal rainfallunlike for the past two years lead to a spurt. But the severe cash crunch an outcome ofdemonetization and digitization took away the initial agility. Particularly unorganisedsector of the country considered to be the back bone of rural economy has beendrastically e3ected and the initial momentum generated during the first half of the yeargot disturbed.
Amidst such an economic environment having major influence on your company'sperformance strategies like aggressive ad campaign improved operational e3ciencystrengthening the Distribution reach developing new markets and focusing more on highrealisation applications coupled with reconversions happening from metal sheets toAsbestos Cement Sheets etc. helped to show a good performance during the financial yearunder review.
The Company's key performance indicators are as under:
Revenue from operations decreased marginally by 3.8 per cent to H966 Crores from H1005Crores of previous year.
Cash Profit increased by 31 per cent to H100.47
Crores from 76.68 Crores of previous year.
Net Profit increased by 67 per cent to H40.80 crores from H24.43 crores of previousyear.
The capital expenditure for 2016-17 was H67.03
Crores which was principally on account of ongoing expansion undertaken at the TextilePlant at Nagpur and other normal capital expenditure at various units. There is no changeof business during the year under review.
Your Company's shares are listed on the National Stock Exchange (NSE) and BSE Limited.Variations in the market capitalisation and price earnings ratio are provided hereunder:
|Parameter ||As at March 31 2017 ||As at March 31 2016 |
|Market Capitalisation || || |
| ||430.05* ||168.02** |
|(in H Crores) || || |
|P/E ratio ||10.54 ||6.87 |
*based on closing price at National Stock Exchange Limited being the higher of twoexchanges
** based on the closing price at BSE Ltd. being the higher of the two exchanges
Your Company made its initial public o3er of equity shares in 1984-85. The closingprice (quoted on stock exchanges) of your Company's share of H10/- each fully paid-up asat March 31 2017 and March 31 2016 are 1354% and 529% respectively over the price oflast public o3er made in the year 1991-92.
No material changes and commitments occurred after the close of the year till the dateof this Report which a3ect the financial position of the Company.
Your Directors recommended payment of Final Dividend of H6/- (i.e. 60%) per share ofH10/- each for the said financial year as against H5/- per share (i.e. 50%) of previousyear. The Company is absorbing Corporate Dividend Tax of H193.98 Lakhs on the saidDividend.