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Flexituff Ventures International Ltd.

BSE: 533638 Sector: Industrials
NSE: FLEXITUFF ISIN Code: INE060J01017
BSE 00:00 | 17 Jan 36.25 1.70
(4.92%)
OPEN

36.25

HIGH

36.25

LOW

33.05

NSE 00:00 | 17 Jan 36.45 1.70
(4.89%)
OPEN

36.45

HIGH

36.45

LOW

33.05

OPEN 36.25
PREVIOUS CLOSE 34.55
VOLUME 48607
52-Week high 36.25
52-Week low 13.80
P/E
Mkt Cap.(Rs cr) 90
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 36.25
CLOSE 34.55
VOLUME 48607
52-Week high 36.25
52-Week low 13.80
P/E
Mkt Cap.(Rs cr) 90
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Flexituff Ventures International Ltd. (FLEXITUFF) - Chairman Speech

Company chairman speech

Dear Stakeholders

At the outset on behalf of the Company and on my personnel behalf weoffer shradhanjali to all those who have departed us or have lost their near and dear onedue to the pandemic.

It gives me great pleasure to present to you the 28th Annual Report ofyour Company along with the financial and operating performance for FY 2020-21.

The Indian economy contracted by 7.3 percent in FY 2020-21 as thecountry battled the first wave of COVID-19 against a 4 percent growth in FY 2019-20. Manyeconomic reports indicate a reduction in India's growth projection from 11 percent to 8-9percent for FY 2021-22 in view of the second wave of the pandemic. After witnessing one ofthe most stringent national lockdowns that lasted close to two months India experienced aV-shape recovery; however the second wave has once again impacted the country severelywith a sharp contraction in overall economic activities. It will take longer thananticipated to return to pre- COVID levels and at Flexituff we are prepared to face thesechallenges by staying invested in our employees prioritizing the nation's needs andfocusing on our 'Fit for Future' strategy. I hope this message finds you and your lovedones safe.

Your Company's foremost priority since March 2020 has been the healthand safety of its employees and the communities in which it operates. Keeping this inmind the Company had resumed its activities (operating at ~60% capacity) on receivingthe necessary permissions from the local authorities with lessen staff and suspended itsadministrative activities at various offices until the necessity arose. The Company hasput in place strict safety protocols within the plant as well as office premises as perrequisite guidelines.

The COVID-19 related lockdown has adversely affected the TechnicalTextile industry being it's a labour intensive industry led to operate at ~60% capacityfor Flexituff. On the other hand international markets have shown increasing demand forCompany's product line and the Company is well positioned to increase its exports inresponse.

The Company will maintain and is maintaining its focus on principle of"Theory of Constraints" for reducing costs and improving efficiency in astructured manner whilst expanding its export portfolio. Also the Company's Managementwill continue to work towards making the enterprise more efficient profitable andcreating value in future.

During the year under review the Company's performance wassatisfactory. Total revenue on a standalone basis for the FY 2020-21 stands at Rs.9405.73 Millions in comparison of previous year which was Rs. 8927.70 Millions.Notwithstanding the financial challenges in the current scenario the Company is makingits best possible efforts to overcome the challenges with a positive note.

With the COVID-19 pandemic paralyzing the world and causing disruptionto the magnitude never experienced before your company quickly shifted focus onsafeguarding the safety and wellbeing of employees ensuring business continuity whileconsidering all the relevant guidelines and supporting the community we live and operatein. Driven by strong belief that an organization's strength is in its employees yourcompany we are pleased to announce that there was be no job losses due to the COVID-19situation at Flexituff. Before I close I want to reiterate that your company cares deeplyfor its people and the communities in which we operate. We have an important role to playduring the COVID-19 crisis and commit ourselves to support the communities especially themigrant workers who have lost their livelihood as well as the authorities who are fightingtirelessly against the spread of corona virus.

In conclusion I am confident of our growth potential and businessopportunities that each of our segments exhibit. As the domestic and internationaloperating environment improves gradually I am optimistic of a healthy performance. This ispossible due to our investments in world-class infrastructure competent resources superiorR&D capabilities and a strong adherence to safety protocols which is a cornerstone ofour sustainability endeavors. I am also confident of creating sustained value for all ourstakeholders as we progressively step into FY 2021-22.

On this note we are grateful to all our shareholders partnersbankers lenders vendors creditors and customers for their continued support for theirfaith and commitment. We aim to earn your continued trust every day and finally sincerethanks to the Company's employees whose proficiency and professionalism makes us the bestin the industry.

Stay Safe and Healthy!!

With Regards

Anirudh Chittaranjan Sonpal

Independent Director and Chairman of the Board

.