I am happy to share in brief the highlights of your Company's performance during FY2017-18. This has been an exciting year for Goa Carbon and your Company has delivered astrong financial and operational performance. What an amazing time to witness thisachievement when your Company has also reached the milestone of the Golden Jubilee Year!Global aluminum demand rose by 6% to 64.2 million tonnes in 2017. In the world excludingChina demand grew by 3.7% to 29.2 million tonnes. So while China was the definite leaderin aluminum demand even smaller countries such as Thailand Vietnam and Indonesia arewitnessing rising aluminum demand thanks to increasing industrialization andurbanization (Source: Strategic Research Institute Steelguru).
While India's GDP grew by 6.2% over the previous fiscal it is worth noting that theeconomy really picked up speed in the final two quarters. Going forward rapidurbanization will augment consumer demand for aluminum products which is apositive for the sector. Moreover our per capita aluminum consumption is far below theglobal average. This o_ers a huge potential given our demographic and economic outlook.We are positive on the performance for FY 2018-19. Having said that the growth andprofitability of CPC will depend on two major factors the rupee-dollar exchangerate and availability of raw petroleum coke at commercially viable prices. Your Companysources most of its raw material from China. With prices of raw petroleum coke creeping updue to lack of availability we may see some impact on CPC prices in coming quarters.
Coming to the performance of your Company during the year under review the Companysold 209343 MT of calcined petroleum coke against 159579 MT in FY 2016-17 achievingthe strong financial performance. The performance was aided by advantageous marketconditions better capacity utilization well managed foreign exchange and favorable rawmaterial costs. Further Goa Carbon's stock mirrored our strong operational performance. Iam pleased to mention that your Board of Directors has also recommended the declaration ofan all-time high dividend for FY 2017-18 for your consideration. All our actions arefocused towards creating a more sustainable enterprise. Besides business performance weare also making significant investments in community engagements through theimplementation of meaningful CSR projects.
Corporate governance and ethical management have always been the guiding principles ofcarrying out the business at Goa Carbon. The Board has adopted several policies to supportits values and good corporate governance. We firmly believe that ethical and transparentcorporate governance is critical to our long-term success and ability to create value forour shareholders. The Company is committed to creating wealth and enhancing shareholders'value. Before I conclude I take this opportunity to thank the Government of IndiaGovernment of Goa Chhattisgarh and Odisha Marmugao Port Trust Paradeep Port Trustvarious regulatory authorities and our bankers associates and suppliers and all otherstakeholders for their support faith and continued association. I would also like tothank your Company's employees and the board for their consistent commitment engagementsupport and encouragement in our journey. We will continue to seek our shareholders'participation and support as we extend our footprint to create new pathways to progressand tap impending business opportunities.
7th June 2018