I am highly pleased to mention that in spite of the difficulties ofCovid 19 faced by the world Fineotex has expanded diversified and expanded its corefocus on speciality chemical business during this one year. The gradual opening of theeconomy and recovery in consumer sentiments is anticipated to support the strong growthrecovery of the Indian economy. Despite the difficult economic scenario Fineotexcontinues to keep pace with its growth and remains resilient. We have grown as a companyand will continue to achieve new milestones.
The year gone by
The performance of the specialty chemicals sector and Fineotex inparticular has had robust recovery post the pandemic. The resilience of brand Fineotexhas continued to persevere during difficult times. Although the Company's operations wereimpacted by the pandemic induced lockdowns and subsequent slowdown in the economy in theinitial part of the fiscal year we have achieved robust top-line growth compared to theprevious year. The Company achieved multiple milestones financially during the yearregistering the highest ever profits and also proposing the highest ever dividend sinceinception. We expanded our operations even during the pandemic and have acquired abrownfield project at Ambernath Maharashtra. The plant is strategically located in closeproximity to key ports near Mumbai providing logistical and cost advantages. It alsomeets the highest sustainability standards keeping in line with our overarching vision ofgreener products and product stewardship. The plant will also cater to our new Home Careand Hygiene segment which will drive growth in the near future and will be contributingsignificantly to our margins.
As we look ahead
We are extremely excited about the tremendous business opportunities inthe Speciality Chemicals globally. There has been great increase in demand of thespeciality chemical sector with "China + 1" strategy adopted by the world and wewitness tailwind effect on the same. The silver lining is that we have the experience ofso many decades that has helped us navigate better than the last year inspite of thechallenges. I am also convinced that Fineotex would be in a position to reach greaterheights at a faster pace in the coming year. The coming year will usher in a far pleasantand successful results in the coming year and commensurate rewards to you.
Fineotex will follow the same path with greater vigour and variedtested policies. The thrust will be quality and specialised products in our core businessof specialty chemical products. Excellent new team members have joined the Fineotex Teamfrom high end Cleaning and Hygiene Companies. We have exciting opportunities in all thebusiness verticals. Inspite of pandemic we have not deviated from our growth strategiesand plant expansion. Management continues to remain focused on enhancing stakeholder'svalue driven by strong performance increased portfolio diversification regulatoryapprovals and various strategic initiatives.
A Focus on Sustainability
Fineotex has always been a strong advocate of sustainable practiceswith an emphasis on environment social and governance factors. This has proved beneficialfor the Company as the global economy and in turn companies seek to partner withmanufacturers and producers with a proven track record of employing sustainable practices.Our raw materials are sourced through environmentally friendly means which ensures ourproducts are free from harmful substances and are of superior quality. In addition wehave also focused on reducing the amount of chemicals used in all our processes. Our newmanufacturing plant in Ambernath has been approved and certified by the Food & DrugsAdministration (Maharashtra State) department. The license has been granted for productionof disinfectant and antimicrobial hygiene and cleaning products ensuring safety andeffectiveness. We have also obtained multiple ISO certifications the Green Buildingcertification and the WHO Good Manufacturing Practice certification for our Ambernathplant. The Company also aims to minimise the carbon footprint by reducing the usage ofenergy and reduction in the water requirements. Biotex Malaysia who heads our R&Dinitiatives has developed processes which will reduce the use of energy and water in ourproduction cycle. Biotex continues to work on and focus on sustainable products which wesee as the future of the industry.We have recently tied up with Sasmira (The Synthetic& Art Silk Mills Research Association) to set up an R&D base. The focus will be onnew sustainable solutions to reduce water time and energy consumption for the textileprocessing industry. This will prove beneficial for textile companies looking to seekadvice and assistance on their requirements. This will also provide much needed exposurefor students and help provide practical experience which will benefit the industry in thelong term.
Fineotex and its stakeholders
Fineotex is fully committed to its stakeholders and associates. Thepast year has been challenging overall due to pandemic but Fineotex has been able to tideover with limited impact.
I am thankful for the support of all our stakeholders - shareholderscustomers suppliers associates and proud of our employee team for their unflinchingsupport.
We are extremely excited about the tremendous business opportunities inthe Speciality Chemicals globally.
I wish you all the best.Take care and stay safe.