From The Chairman's Desk
With an outset of new era and renewed enthusiasm India has emerged asthe fastest growing major economy in the world and is expected to be one of the top threeeconomic powers of the world over the next 10-15 years which is predominantly backed byits strong democracy and partnerships. As India continues to ascend in the rankings of theworld's largest economies its contribution to global GDP growth momentum will alsoincrease. India attracted massive Foreign Direct Investment (FDI) equity inflows withmajor contribution coming from sectors such as services computer software and hardwaretelecommunications construction trading and automobiles.
Numerous offshore business organizations are setting up theirfacilities in India on account of various government initiatives like Make in India andDigital India. After launching the Make in India initiative The Honorable Prime Ministerof India has significantly uplifted the manufacturing sector of Indian economy alongsidehas also increased the purchasing power of an average Indian consumer which has furtherboosted the domestic demand and hence spurred the overall development in the economy. TheGovernment of India under the Make in India initiative has done significant contributiontowards the domestic manufacturing sector and aims to take it up to 25 per cent of the GDPfrom the current 17 per cent. Besides the Government of India's Digital India initiativewhich focused on three core components: creation of digital infrastructure deliveringservices digitally and to increase the digital literacy augured well for the overalleconomy and demography. Under Bharat Net Intitiative of the Government till July 2019350504 Kms of Optical Fibre Cable is already layed in 131913 Gram Panchayats. TheGovernment of India has also approved the National Policy on Software Products in 2019 todevelop the country as a software hub therefore a lot of impetus can be witnessed towardsdigital platform development during the second term of the current Government.
FY 2019 was a roller coaster year for Aksh. We grew our sales andprofitability phenomenally during the first half of the year . During the second half ofthe year company faced certain industry headwinds concerning optical fibre prices tumblingdown globally alongside significant delays in receivables from a major customer BSNL.Although we have been investing for growth through a combination of capacity expansionsstrategic acquisitions and innovations in our product lines. In early part of FY2019 weimproved our financial performance and extended our leadership in all our businessessegments. Our execution was strong and we expected our momentum to continue butunfortunately industry headwinds entailed us to push breaks to our torrid growth duringthe second half of the year.
As we have expanded our capacities significantly and are geared up toride the next wave of buoyant optic fibre market we remain committed to deliver ourgoals. We seek all our stakeholders confidence and I believe we shall deliver our bestas we remain committed in continuing to deliver with our relentless focus passion andour drive towards success. I firmly believe that Aksh's future has never been brighter. Wehave multiple businesses segments which will propel our growth. We have uniquecapabilities that have become progressively more vital. We share warm relationships withindustry leading customers that continue to entrust us with new opportunities. We lookforward to delivering our goals also unleashing new potential and capabilities in theyears ahead and sharing milestones along the way. Thank you for entrusting andaccompanying us on this journey.
Dr. Kailash S. Choudhari