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Bhandari Hosiery Exports Ltd.

BSE: 512608 Sector: Industrials
NSE: BHANDARI ISIN Code: INE474E01029
BSE 00:00 | 18 Mar 2.05 -0.03
(-1.44%)
OPEN

2.18

HIGH

2.20

LOW

2.01

NSE 00:00 | 18 Mar 2.10 0
(0.00%)
OPEN

2.15

HIGH

2.15

LOW

2.05

OPEN 2.18
PREVIOUS CLOSE 2.08
VOLUME 50850
52-Week high 3.58
52-Week low 1.65
P/E 5.00
Mkt Cap.(Rs cr) 30
Buy Price 2.00
Buy Qty 1701.00
Sell Price 2.10
Sell Qty 7200.00
OPEN 2.18
CLOSE 2.08
VOLUME 50850
52-Week high 3.58
52-Week low 1.65
P/E 5.00
Mkt Cap.(Rs cr) 30
Buy Price 2.00
Buy Qty 1701.00
Sell Price 2.10
Sell Qty 7200.00

Bhandari Hosiery Exports Ltd. (BHANDARI) - Chairman Speech

Company chairman speech

CHAIRMAN & MG. DIRECTOR'S MESSAGE

Dear Shareholders

I have great pleasure in presenting the Twenty Fifth Annual Report the Silver Jubileeand Audited Financial Statements for the financial year ended 31st March 2018. The year2017-18 has been a steady growth year. In India the Introduction of GST was a revolutionto indirect tax regulatory framework of the economy which has overridden the previous andold tax framework since independence.

India s overall textile exports had remained steady accounting for marginally 0.7%growth totaling to $36.73bn over the previous financial year. The Exports of the TextileIndustry were pegged around $45bn but as the Industry reels under the impact of GST rollout and tariff disadvantage enjoyed by Competitors Bangladesh and Vietnam the total Sectormissed on annual targets considerably. The Shipments from the textile and Clothing Sectorhave consistently missed annual targets set by Government. The Growing uncompetitivenesslack of refunds and incentives post GST may push back exports from $17 billion. Apparelexports from India dropped by 3.83 per cent to $16.716 billion in April-March 2017-18compared to exports of $17.382 billion in fiscal 2016-17 according to data fromDirectorate General of Commercial Intelligence and Statistics (DGCI&S) Kolkata underthe ministry of commerce Government of India. Despite the impact of demonetization in2016-17 the domestic market grew steadily during the year. The Implementation of GST hasbrought few fundamental shifts in the textile and apparel market.

Despite challenging global and domestic scenario the Company recorded a very goodperformance in terms of increased turnover as well as increased profitability. During theyear 2017-18 your Company was able to achieve turnover of Rs. 24834.74 Lacs as againstRs. 21363.94 Lacs in the previous year showing an increase of 16.24% over the previousyear. The Profits after Tax of the Company for the year ended 31.03.2018 has beenRs.498.70 Lacs as against Rs. 420.36 Lacs in the previous year showing an increase of17.9% over the previous year. The Exports of the Company for the financial year ended 31stMarch 2018 were to the tune of Rs. 1548.92 lacs as against Rs. 1282.3Lacs in the previousyear showing an increase of 20.78% over the previous year

The Company is Planning another Capex in the coming financial year which will furtherboost our growth story. We are also ramping up our Garmenting division & will seegrowth in revenue proportion from the Garmenting Division.

Our success and growth greatly depends on the skills and dedication of our employeesco-operation of our Bankers and other business constituents whom I would like to thanksincerely . I am looking forward to another exciting year ahead.

Finally I take this opportunity to thank all the Company's stakeholders for theirconfidence in Bhandari Hosiery and I look forward for their continued support in the yearsto come.

Warm Regards

Sd/-

NITIN BHANDARI

CHAIRMAN & MG. DIRECTOR