I am herewith presenting the annual report of your Company for thefinancial year (FY) 2021-22.
As you know the year was a challenging one for people and businessesat large across the world due to the continued Covid pandemic and its effects. While therewas no nationwide lockdown in India business operations across all sectors were affected.Due to a steep rise in the price of crude oil our material costs increased. We had toalso face an unprecedented hike in freight charges. As the domestic and global economiesstarted to recover there was a scramble to reoperationalise supply chains and we facedhuge challenges getting containers to dispatch shipments to our customers.
In this difficult situation we followed the principle of 'familyfirst'. To ensure that all our employees and their families remained safe and well we setup task forces that communicated regularly with each employee and offered help asrequired. In parallel task force teams across all areas of operations met every day tohandle a multitude of issues and ensure all our SOPs were meticulously implemented tominimize any risk to our team. I am happy to inform you that your Company's deep connectwith its employees was independently recognised by the Great Place to Work? InstituteIndia.
In 2022 your Company was ranked by this organisation as 49th amongstIndia's best companies to work for across categories. There was a significant increase inour trust index score under this survey. This is a core value of your Company and itsheartening to note the connect and engagement amongst the GTFL Family.
Our customers continued to repose faith in our value-added solutionsour zeal for quality and our commitment to deliver the orders. Leveraging our modularmanufacturing capability we ramped up production kept our customers updated and workedrelentlessly to overcome logistical hurdles for dispatches. Performance in the firstquarter was impacted by the Covid second wave but as the year progressed we moved fullsteam ahead. We could pass on input cost hikes and by the end of the financial year wecould restore our margins.
I am happy to report that despite the adverse conditions your Companycould register a healthy revenue increase in FY 2021-22.
Our performance in international markets in the aquaculture and sportssegments stood out. We bagged a large order for V2 our pioneering environment-friendlysolution for the aquaculture industry from one of the largest players in the world inthis segment. Our sports products did exceedingly well in international marketsregistering significant sales growth. We could also get breakthrough international ordersfor our agriculture solutions a large potential market for our future.
In the domestic market our geosynthetics solutions brought recordgrowth in revenue. Sales of our agriculture solutions like crop safety nets grew at ahealthy pace. We continued to maintain a healthy market position in the domestic fishnetropes and twines business.
Our plants responded magnificently to the challenge of meeting variedcustomer orders and the fabrication section registered a record increase in output.
Your Company achieved consolidated revenue of Rs 1189.40 crores for theyear ended 31st March 2022 an increase of 15% over the previous year's consolidatedrevenue of Rs 1034.57 crores. Consolidated Operating EBITDA in the year under review wasRs 222.90 crores increased by 9% comparing to previous year. Consolidated profit beforetax was Rs 216.41 crores an increase of 4% over the previous year. Your Board ofDirectors has declared an equity dividend of 70% amounting to Rs 7/- per share.
Staying committed to the mission of providing innovativeapplication-focused solutions to enhance value of customers globally your Company'sR&D worked on several promising applications. During the year applications for 10patents were filed and 2 patents were received. Till date your Company has received 23patents and many more are in the pipeline.
Considering the challenging business environment the revenue growthand profitability of your Company in the year under review has been satisfactory. Apartfrom our strong fundamentals it was the extraordinary effort put in by your Company'steam that made the performance possible. This effort won heartening words of appreciationfrom many of our customers.
Looking at the future I would like to reiterate that your Company hasdemonstrated the flexibility and perseverance to deal with myriad challenges in thebusiness environment. Nearly 75% of our portfolio is composed of value-added products thatare preferred for the long-term benefits they bring to our customers' businesses.Increased penetration in existing geographies and entering new geographies continues to beour primary path for growth. Outside the food industry which is the end customer for themajority of our solutions our sports and geosynthetics businesses enjoy bright prospects.Overall we have an optimistic outlook for the future. I look forward to your continuedsupport to keep us on the path of mission-driven growth.
With warm regards
V. R. Garware
Chairman & Managing Director