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Garnet International Ltd.

BSE: 512493 Sector: Financials
NSE: N.A. ISIN Code: INE590B01010
BSE 00:00 | 14 Nov 56.80 2.70
(4.99%)
OPEN

53.05

HIGH

58.45

LOW

53.05

NSE 05:30 | 01 Jan Garnet International Ltd
OPEN 53.05
PREVIOUS CLOSE 54.10
VOLUME 226
52-Week high 665.66
52-Week low 47.20
P/E
Mkt Cap.(Rs cr) 111
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 53.05
CLOSE 54.10
VOLUME 226
52-Week high 665.66
52-Week low 47.20
P/E
Mkt Cap.(Rs cr) 111
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Garnet International Ltd. (GARNETINTL) - Chairman Speech

Company chairman speech

Dear Shareholders

On behalf of the Board of Directors it gives me immense pleasure to share with you theprogress your company has made over the last twelve months and my thoughts on the futurethat lies ahead of us. The year 2017-18 has presented several opportunities as well aschallenges that we have tackled to achieve the highest ever Profit After Tax (PAT) in thehistory of your company. We remain committed to our vision to become the most preferredinvestment company in India. While the pillars for our next leg of growth are in place weremain focussed on meeting the challenges that come up to achieve our goal.

The Indian Economy has rebounded well from the short-term disruptions of demonetizationin 2016 and introduction of Goods and Services Tax (GST) in July 2017 to post a blistering7.7% GDP growth in the last quarter of fiscal 2018. The rising position of India amongstthe Emerging Markets as well as the global economy makes it a secular growth story andyour company is well positioned to benefit from the long-term value creation this growthbrings. However the journey is not expected to be devoid of any uncertainties withvolatility in foreign fund flows fluctuating political climate and the increasing tradedeficit being the key risks to this growth engine.

With earnings improvement in the backdrop the year was also witness to a strong upmove in capital and equity markets on the back of rising liquidity driven by record mutualfund inflows. The Nifty touched its all time high of 11172 on 29th January2018 but closed the year at 10113 with 9.5% return. During the Annual Budget 2018-19 theHonourable Finance Minister removed the tax exemption on long term capital gains andintroduced 10% income tax. Despite the introduction of long term capital gains tax webelieve that equity remains the best bet to defeat inflation by giving superior taxadjusted returns.

When we look towards growth we shall do so while upholding our core values and ouraccountability to the many stakeholders we serve. The Board of Directors continue to worktowards shareholders' wealth maximization and took several steps in that direction duringthe year such as augmenting the growth capital of the company via preferential allotmentissue of bonus shares and a healthier dividend pay-out ratio. We promise to continue allendeavours while ensuring that the long-term interests of the shareholders are given theutmost priority.

I take this opportunity to thank all shareholders for their unwavering commitment andbelief in the company and its management.

Suresh Gaggar

Chairman