On behalf of our Board of Directors it's my pleasure to share anupdate on your Company's performance for FY19-20. I would like to thank and appreciate theerstwhile promoters and management team for creating a strong brand "CRAXthrough extensive distribution network over last 35 years
During the 2nd Quarter of FY 19-20 Advent International("Advent) through AI Global Investments (Cyprus) PCC Limited signed definitiveShare Purchase Agreements ("SPA) with the erstwhile promoters to acquire amajority interest in the Company. Pursuant to the SPA and completion of open offer AIGlobal Investments (Cyprus) PCC Limited now holds 73.95% of the equity of the Company.
Post-acquisition the focus of the new leadership team is to drive thenext phase of expansion and business growth. This will be achieved by strengtheningdistribution marketing innovation create portfolio for the future and investing inimproving our talent and process capabilities.
Global headwinds and challenges in the domestic financial sectormoderated the growth of Indian economy in 2019-20. The real GDP growth moderated to 5.0%in 2019-20 from 6.8% achieved in 2018-19. The outbreak of COVID 19 in March 2020 andresultant lockdowns have further impacted the economy adversely. Our Government and RBIthrough various monetary and fiscal measures are trying to address this issue.
During the year our Total Revenue stood at Rs. 507.94 crore growingby 5% against comparable revenues last year. Profit after Tax stood at Rs. 24.42 crorecompared with Rs. 32.76 crore in the previous year.
Growth was strong across all our key products which continued to driveour growth.
With new members of the Board and new leadership team our focus willbe on sustainable growth in all respects. I would like to complement our management teamfor ensuring employee well-being and high morale during COVID 19 crisis. I am alsograteful to all our employees for adopting new conditions of
working and implementing many innovative solutions. Let's hope that weas a nation emerge stronger after the COVID19 crisis.
I would like to take this opportunity to thank each and every employeeas well as those working with our partners across our value chain for their commitment andservice to DFM. Most importantly I would like to thank you our shareholders foroverwhelming trust support and confidence in the Company.
|Hemant Madhusudan Nerurkar |
|19th June 2020 |