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Andrew Yule & Company Ltd.

BSE: 526173 Sector: Others
NSE: ANDREWYULE ISIN Code: INE449C01025
BSE 00:00 | 28 Oct 12.24 -0.04
(-0.33%)
OPEN

12.50

HIGH

12.57

LOW

12.10

NSE 05:30 | 01 Jan Andrew Yule & Company Ltd
OPEN 12.50
PREVIOUS CLOSE 12.28
VOLUME 25919
52-Week high 18.00
52-Week low 6.04
P/E
Mkt Cap.(Rs cr) 598
Buy Price 12.15
Buy Qty 100.00
Sell Price 12.33
Sell Qty 300.00
OPEN 12.50
CLOSE 12.28
VOLUME 25919
52-Week high 18.00
52-Week low 6.04
P/E
Mkt Cap.(Rs cr) 598
Buy Price 12.15
Buy Qty 100.00
Sell Price 12.33
Sell Qty 300.00

Andrew Yule & Company Ltd. (ANDREWYULE) - Chairman Speech

Company chairman speech

Dear Shareholders

As the Chairman & Managing Director of your Company I feel extremely privileged and delighted in interacting with you on the occasion of 71st Annual General Meeting and presenting Annual Report of yourCompany for the financial year 2018-19.

As you know the Indian economy started the fiscal year 2018-19 with a healthy 8.0% growth (with Base Year 2011-12) in the first quarter on the back of domestic resilience. Growth eased to around 7.0% on an average for FY 2018-19 mainly due to global headwinds like rising trade tensions and geo-political uncertainties in some parts of the world and downward trends in financial health of Chairman & Managing Director industrial and banking sectors. The Indian rupee witnessed high volatility this year falling abruptly between April 2018 to October 2018 against USD in the wake of global headwinds coupled with widening current account deficit led by higher crude oil prices. However rupee turned around in the second half of the year a sharp downward reversal in crude oil prices helped it recover from its record lows. Despite softer growth the Indian economy remains one of the fastest-growing and possibly the least affected by global turmoil.

Your Company has earned total revenue of Rs.352.60 crores as against Rs.389.14 crores in 2017-18 registering a decrease of 9.39% YOY mainly due to a low market position. Profit before Tax (PBT) during the financial year 2018-19 stood at Rs.10.51 crores as compared to Rs.23.57 crores for the previous financial year.Profit after Tax (PAT) for the financial year 2018-19 stood at Rs.8.70 crores as compared to Rs.17.12 crores during the previous financial year. Total Comprehensive Income (TCI) stood at Rs.1.37 crores (Rs. 19.17 crores in 2017-18) after making necessary Income Tax provisions and other adjustment of losses under the category of other comprehensive income i.e. actuarial losses relating to employee benefits loss on re-measurement of investments etc. The decreasing trend of profit is mainly due to lower market price of Tea throughout the year as well as the mandatory increase in wages of tea workers as were declared by respective State Government.

Due to insufficient free cash surplus position in view of increase in wages of tea workers absorption of employees of M/s. Hooghly Printing Company Limited and its merger process with Andrew Yule & Company Limited as per Government of India Order we are unable to recommend any dividend for the financial year 2018-19 and quite apprehensive of getting the support of all shareholders in our effort to maintain and improve the financial health of the Company.

Your company always strives to attain highest level of Corporate Governance practices. Implementation of Integrity Pact adoption of code of conduct and a well- defined Internal Control Framework add to the transparency of the Company's business practices. The Company is complying with the Government Guidelines and listing regulations on Corporate Governance. However filing up of vacant posts of Directors on the Board which is one of the requirements of Corporate Governance is under process at Government level. A report on Corporate Governance compliance has been made part of the Board's Report. Your Company has been getting Excellent rating from Department of Public Enterprises (DPE) for complying with various norms of Corporate Governance. I am sure that the trend will continue.

Being a good corporate citizen your Company has always been on the forefront in extending its assistance for upliftment of the less privileged class of the society through development and improvement of the quality of life with our limited resources. It has undertaken a number of CSR initiatives in the area of health education sanitation water supply facilities providing vocational training to children with disability etc.

I am pleased to inform you that various initiatives were taken for improvement of prospects of tea operation of your Company. The Company has initiated a process for appointing dealers for packet tea to create a strong PAN India Dealer Network for Yule Tea brand. The packet tea sales counter at Yule House has been renovated and made more attractive. All gardens of the group are now having FSSAI License to operate and manufacture tea. With better field practices and major emphasis on increase in younger age profile of the tea bushes through vigorous uprooting & replanting programme resulting in higher crop prospects for the future years.

Yule Tea will focus on taking the right strategic actions and building a strong set of future-focused capabilities and platforms to seize these opportunities. Your Company is having a strong brand which will help us achieve our aspirations for the future. The opportunities ahead of the Company are inspiring and motivating for all of us. The Tea division of your company continued to grow from strong to stronger through its special emphasis on Quality of its produce and is now recognized as one of the Top Quality Tea Producer in the industry.

I would like to take this opportunity to gratefully acknowledge the valuable guidance support and cooperation received from the Department of Heavy Industry Ministry of Heavy Industries & Public Enterprises Government of India as well as from other Ministries of the Central and State Governments our valued customers company's bankers suppliers service providers employees workers etc. At the same time I wish to acknowledge the valuable guidance given by the Board of Directors of the company without which it would have not been possible to lead the Company in definite direction. I look forward to continued support and commitment from all stakeholders of the Company to reach new heights and enhancing stakeholders' value.

Place: KolkataDebasis Jana
Date: 18th September 2019Chairman & Managing Director

   

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