formats and so on. Your Company is committed to investing in productdevelopment that not only refreshes our presence in existing categories but also allows usto enter new product categories that fall within the ambit of our competence in westerndesserts. The in-house product development unit is constantly scoping researching andevaluating product concepts and we see the efforts of this unit as critical in keeping ourbrand relevant to our customers.
Like any other food service industry the bakery market has alsowitnessed the impact of the entry of third party food delivery platforms like Zomato andSwiggy. The convenience and affordability afforded by these platforms has been a boon tothe customers. For brands listed on these platforms they offer the chance for rapidcustomer acquisition and incremental business. The concern for the brands is thatcustomers acquired through such platforms have a primary relationship with the third partyplatform and not the brand itself the cost of acquisition due to rising commission feescharged by such platforms as well as the customer relationship being purely transactionalin nature are other concerns.
The Company currently has 45 stores across two formats our smallerstore format of 41 stores serve as neighbourhood bakery shops and they enjoy strongpreference over competition while Four stores (Panjarapole Shymal.New Shahibaug andBopal) in Ahmed- abad (Gujarat) are in the Dangee Dums Yums format. For us a brand astrong relationship with our customers is our strength and our focus will be to offer ourcustomers better experience and value at our own stores in order to give them a strongreason to visit them.
We are also investing in online platforms in line with the trend in themarket. Along with the third party food delivery platforms like Zomato and Swiggy we arealso evaluating online grocery platforms of Big Basket. Amazon for our packaged products.We will also be investing in building our own digital platforms like our website app andwhatsapp-ordering. We feel this is critical in building and sustaining a strongrelationship with our customers.
I am pleased to report that in light of the above stated facts yourCompany is confident to achieve new milestones in its journey towards sustainable growththrough total excellence. Dangee Dums Limited has pursued business- excellence throughpassion perseverance and commitment to offer the best to its customers we feel that itis this approach that helped keep us cost competitive and profitable.
Your Company continues to keep a watchful eye on the emergingopportunities but is fully aware of the financial implications and capitalcommitment required to tap into that opportunity.Not with standing the macro economicslowdown your Company has continued to focus and build its brands products distributionand reach. Along with this your Company has over the years established high levels ofgovernance and financial discipline. We continue to stay focused on pursuing profitablegrowth.
Before concluding let me assure you of our commitment to create valuefor our stakeholders I would also like to thank our Board of directors for their constantguidance and support. We value the trust reposed on us by our shareholders bankersemployees suppliers associates and our loyal customers.
We have tremendous conviction in our abilities to pursue the growthtrajectory we have charted for ourselves and significantly benefit from being part ofthis vibrant economy. With cites growing at a rapid pace and rural populations migratingto towns our businesses are poised to soar rapidly. Our objective remains to continuegrowing at a double-digit rate while maintaining the financial strength of our
Company. We are pleased to have you as our shareholders and I takethis opportunity to thank you for your continued trust and support on this journey.
Finally as always I would like to reiterate our commitment towardsdelivering consistent results and enhancing shareholder value.
|Warm regards |
|Nikul J. Patel |
|Chairman & Managing Director |
|(Din: 01339858) |