Despite a few worries at the beginning of FY 2021-22 when the COVID Second Wave'again slowed down the industry your company stood the year well and managed to put in asatisfactory performance. Thanks to everyone in the family putting their shoulders to thewheel our shrimp sales grew in volume by 14%. Our financial performance was onlymarginally lower than in the previous year despite all the odds that we faced. With animpressive 29-year track record your company remains a strong leader in the Indian shrimpindustry sustained by its world-class products and a highly innovative productdevelopment-oriented mindset. We are setting up a new shrimp feed manufacturing plant withinstalled capacity of 175000 MT per annum and also expanding our shrimp processingcapacity. Already the second-largest contributor in the global aquaculture market Indiais poised for a refreshing upward trend capitalising on our long coastline as well asour large pond and tank areas. The industry's growth is being spurred by severalGovernment schemes. The five-year Pradhan Mantri Matsya Sampada Yojana' launched byour Prime Minister in 2020 seeks to enhance marine fisheries production to 20 milliontons by 2024. That has been a big help in augmenting our production and boosting ourexports substantially. The Government's reduction of import duty on some shrimpaquaculture input products to 10% (from the earlier 30%) also gives a welcome fillip byreducing the farmers' production costs promoting imports and increasing shrimp productionoutput. Many States are encouraging the latest technologies to improve productivity.Increased e-commerce has increased online orders for seafood in our domestic market aswell as globally. Other major growth-drivers are the high private investments in R&Dfor advanced technologies which will push India further up in the global aquaculturemarket. Fuelled by concerns about pathogens in conventionally cultured fishes organicvariants are increasingly in demand. Sustainable cultivation systems which will notdisrupt the ecosystem protect biodiversity and reduce pollution also augur well for theindustry. Looking back at FY 2021-22 in perspective there is ample reason to be satisfiedabout how your company fared overall as well as to look forward to a promising futureahead. Much of the credit for all this goes to our aqua-farmers who have always stood byus through every challenge. My grateful thanks also to our customers dealers suppliersfinancial institutions and strategic partners for being with us all the time. Mostimportantly the steadfast commitment shown by our employees through thick and thin wastruly praiseworthy. My sincere thanks to my fellow Directors for guiding the company withtheir commendable professionalism and foresight. They have indeed had a big hand in makingyour company stand tall today.
With my best wishes to everyone
|Alluri Indra Kumar |
|Chairman and Managing Director |