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Avon Corporation Ltd.

BSE: 532995 Sector: Engineering
NSE: N.A. ISIN Code: INE207I01016
BSE 05:30 | 01 Jan Avon Corporation Ltd
NSE 05:30 | 01 Jan Avon Corporation Ltd

Avon Corporation Ltd. (AVONCORPORATION) - Chairman Speech

Company chairman speech

AVON CORPORATION LIMITED ANNUAL REPORT 2011-2012 CHAIRMAN'S REPORT Dear Fellow Shareholders, It is a privilege and an honour to present to you Avon Corporation Limited, 13th Annual Report and the audited accounts for the financial year ended 31st March, 2012. For all of us at Avon, it was a satisfactory year strategically and operationally. Operationally, Avon has recorded an all- round superior performance where our endeavours to strengthen market (profitability) position, improve efficiencies, tighten costs and sweat assets have paid handsome returns. Company's business demonstrated a significant improvement benefiting from better economic conditions, aggressive marketing and brand promoting efforts. Our focus is on three key aspects of value creation, i.e., profitability, asset-productivity and growth, a great pleasure to share with you the highlights of preceding year of significant achievements. I am very glad to address you with an excellent performance by your Company during the year 2011-12. It is our main objective to go one step ahead and create value. During this eventful year, your Company achieved a total Consolidated turnover of Rs. 13,626,657,516 and a Consolidated net profit of around Rs.53,830,111.67. The overall financial position of the Company remains strong. The Company's cash flows remain healthy. More importantly, the performance of our Company has shown healthy improvement over the quarters. Our business have demonstrated considerable improvement in terms of volumes and pricing during the year, thus clearly pointing towards changing fortunes of our business, with the economy gearing towards improvement. Structural Initiatives To align the interest of shareholders and employees, and to manage capital better, we have made a strategic move to open a wholly owned subsidiary at Sharjah Free Zone. This decision helps us focus on enhancing our sales volume and growth. It also aids our Company in making it as market-driven and agile as possible. The company plans to expand across all geographies, while continuing to focus on different sections like Hospitals, Gyms, fitness center, Pharma, Chemicals, R&D, Retail, Govt., Semi-govt. Avon Corporation Ltd. leads and sets the yardstick for a fast-growing industry and is determined to live up to its shareholders' expectations, including shareholders, customers, governments and all members of the communities we operate in. Summary In essence, the Company's growth over the next few years will be driven by the new line of products, which appear to have strong growth prospects. The expected positive outlook coupled with well-thought strategies planned for this business will ensure improved volume and profitability in our operations. Efficient utilization of physical and strategic assets will be the key driver for creation of value in future. Our strategies are geared to deliver enhanced value for shareholders in future. At this juncture, I would like to take the opportunity of placing on record my appreciation of our employees and the management team at Avon Corporation. Their dedication and commitment have enabled us to reach our goals. Our employees are integral to our success and to sustain shareholder value creation. The future holds immense promise for us and we are geared to measure up to every challenge that leaps at us. We have made a good start. We take our learning into the next year with confidence, spirit and passion. I take this opportunity to thank my team for standing together in our effort. With warm regards Sd/- Pankaj P.Saraiya (Chairman & Managing Director)