Its indeed a great moment for GNA as we complete 25 years of our existence. Allthroughout our journey we have excelled in delivering the best solutions to ourcustomers. And in doing so we have also earned your trust and support. Our current year'stheme is a dedication to our smooth odyssey and the excellence we have built over theyears.
I am delighted to inform that your Company has reported a robust growth and deliveredits best-ever performance in terms of both sales and profi tability in 2017-18. It hasregistered a growth of 30% in sales and 72% in net profi t on a consolidated basis. YourCompany's performance coupled with the confi dence reposed by all stakeholders helped itto double its market capitalisation as on March 31 2018.
India reported a GDP growth of 6.7% during 2017-18 recovering to a great extent fromthe temporary disruptions caused by demonetisation and Goods and Service Taximplementation. The formalisation of economy was a great initiative by the Government asit strengthens the market positioning of organised players like us. As per the projectionsof the World Bank and the IMF India is expected to grow around 7.3% in FY 2019 and 7.5%in FY 2020.
Your Company during the year under review put up a very good show and clocked inhighest ever revenue from operations of Rs 670 crores against Rs 513 croresthereby showing an increase of 30% on account of an increased demand from its customersboth in India and abroad. Your Company also achieved another milestone during the year byclocking an export turnover of Rs 300 crores in FY 2018 as against Rs 233crores in FY 2017 thereby showing an increase of 29%. With improving sentiments and goodmonsoons we expect a steady demand in the domestic segment for the Company's products.
The export demand from the European and North American markets have also beenincreasing and we expect the same to continue in the coming years. At GNA we continuouslystrive to increase our market share with the existing customers and also penetrate intonewer markets and by diversifying our product portfolio. As a de-risking measure wedecided to foray into the manufacture of SUV Axle Sha3 s which will be a new product fromGNA stable. We have started the construction of the factory shed adjacent to our existingunit II for the manufacturing of the SUV Axles for the domestic and the exportmarkets. We are hoping to commence the commercial production from the new unit during thefi nancial year 2019-20.
Your Company has always focused on the technology upgradations with automation and e3ciency improvement for lower cost of production. Our investments in technology benefi tsour customers without compromising on the quality of our products. This helps us maintainour leadership position in the industry.
On this note I would like to thank our customers for their faith and un-relented confidence imposed by them in GNA for the last 25 years. I would also like to appreciate myfellow Board Members for their guidance and support our employees for their dedicationour lenders and other business associates for their trust in GNA. I am hopeful that wewill continue to achieve the next level of growth in leaps and bounds over the years tocome.
|Best Wishes |
|Gursaran Singh |