I am pleased to present the performance of the Company during the year under review.
We were a र 65.26 crore revenues company in 2008-09; we are a र 278.09 crore revenuescompany today (2018-19). We were a र 0.81 crore profit after tax company in 2008-09; we area र 74.03 crore PAT company today (2018-19).
We had no cash on the books as on 31st March 2009; we had र 233.68 crore cash on ourbooks as on 31st March 2019.
The principal reason why the Company reported revenue and profit growth in the lastdecade is that it consistently focused on one over-riding reality: enhancing moments ofpride.
At La Opala we recognised that for a retail product like tableware success would liein enhancing its emotional connect with consumers. The focus then was not in enhancingfunctional convenience as much as it was about enhancing a sense of pride makingconsumers feel good about themselves and investing their moments of use with a sense ofpride.
The ability to extend a product from its physical attributes to the experiential hasproved to be relevant as well. India is transitioning from a past when it was prudent todeny oneself better products to a time when Indians are spending more on their lifestyles.
This transformation is visible in virtually every area of modern living. More peopleseek vacations in exotic locations. The eating out phenomenon has evolved from once in ablue moon to once a week or more. The need to borrow that was once resisted has nowyielded to buy a number of products on credit. The frugalness of the past has beenreplaced with a need to project oneself more actively on social media. The ability to staywith a few set of clothes across an extended period has transformed into a wider wardrobe.The capacity to use public transport has extended to the ownership of a personal vehicle.The need to communicate using a functional cell-phone has been replaced by superiorsmartphone alternatives.
At La Opala we see ourselves as a company operating within this spectrum: o-eringconsumers a widening range of tableware products across every price point; providing theseat points that are proximate for consumption and providing these aroundconfidence-enhancing assurances of enduring quality.
At La Opala we are optimistic of sustaining our success for a number of reasons.
We have consistently led the market. We are recognised for the pace of new productintroduction. We benchmark our products around new nascent trends. We invest higher in ourbranding and promotion than any other tableware company. We manufacture around a globalbenchmark. We have consistently invested in incremental manufacturing capacity ahead ofthe market curve. We now invest in additional capacity only out of net worth.
These reasons provide me with the optimism that the Company is attractively placed tosustain its organisational momentum outperform market growth and enhance value for itsstakeholders.
Chairman and Non-Executive Director