It gives me a great pleasure to welcome you all to the 27th Annual General Meeting ofyour Company.
2019 was a record year for Ashiana Ispat Limited. We achieved record turnover. The yearwas a commercial success and we succeeded in mitigating higher input costs. We laid thegroundwork for future growth in our current and innovative new businesses and receivedexceptional recognition for our responsibility performance. The results in 2019demonstrate the impact of many years of transformation and I wish to thank all the staffsof Ashiana family and our Directors on the Board for achieving excellent results together.
Our overall revenue grew by 45.95% and comparable Profit after tax increased by 21.02%in 2019. Annual turnover in the year under consideration were Rs. 44081.56 lacs 45.93%higher than the Rs. 30207.87 Lacs from the previous year sales ended March 31 2018.
In our previous year communication we announced plans to strengthen our market sharesby enhancing the production capacity of the plant and accordingly a project of capacityexpansion has undertaken and total capital expenditure of Rs.17.95 Crores expended overcapacity enhancement project and it is hoped that rest of the capital expenditure will beincurred in the first quarter of the financial year 2019-20 and production from theinnovative plant will commence from the second quarter of the year 2019-20.
Current fiscal year is expected to be better compared to the last two years asstability has returned to the steel sector globally. Despite these challenges in the lasttwo years we continued to invest in capacity enhancement project and it is expected thatcapacity of the plant will be increased substantially from the financial year 2019-20.
Huge scope for growth is offered by India's comparatively low per capita steelconsumption and the expected rise in consumption due to increased infrastructureconstruction and the thriving automobile and railways sectors.
We are striving hard to get better return over the capital investment made by ourshareholders.
We conduct business on the basis of relationship and trust avoiding the need forexpensive lawyers and contracts. There is a desire in our business module to benefit theopposite party in any deal not to squeeze them and exploit them as actions are taken witha longer-term orientation and it is understood that relationships are key to long-termsuccess. Inter-dependence is a natural law even in business and our model of businesstransactions adhere to this. Employees are treated as the family members in our businessmodule.
There is a daily act of humble worship and meditation. It is an inner bath andcleansing removing the grime of greed of ego and selfishness. It is part of the processof constant self-improvement. It keeps the ego down and raises the soul up. In this wayright understanding is retained and even elevated.
Following the Jainism principle of business ethics we believe that the wealth andfinancial profits earned by businesses do not belong to us. This comes from the principleof Aparigraha or non-possessiveness. Just as the monks are simple and selfless we detachourselves from business and believe that success is not because of effort or personalintelligence but due to our good merit earned from past lives (punya). We recognise valueslike trust relationships human capital and employee morale service and loyalty asvitally necessary to business success and longevity.
Lastly I am grateful to our stakeholders customers vendors lenders and bankers forreposing their faith in us employees for their resolve and unstinted devotion ourMembers on the Board for their wisdom and continuous support and you our shareholders forreposing trust & faith.
Thank you for your support and we hope you continue your association with us.
With best wishes