It gives me immense pleasure to present the IIth Annual Report of yourCompany. I trust your family and you are keeping well in the midst of unprecedentedCOVID-19 pandemic. The Government and industries are fighting to revive and rebuild theeconomy in these challenging situations. Despite an economic situation never seen beforeduring the financial year 2020-21 the Company recorded excellent performance. Revenue forthe year stood at Rs.20571 Lacs as against 117674 Lacs in the previous yearrecorded an overall growth of 16% even after lockdown from 22nd March2020 to 25th April 2020. Exports of the Company has increased from Rs. 6353Lacs in the previous year to Rs. 10417 in the current year an increase of 64%.The Profit After Tax of the Company has increased to Rs.452.63 Lacs for the currentyear as against Rs. 112.30 Lacs in the previous year an impressive growth of 303%.
Notwithstanding the significant logistical challenges in the wake of the lockdown theemployees of your Company sacrificed their personal comfort to maintain the productivityof your Company and we remain confident of fortifying its market standing in the yarnsegment leveraging its superior quality execution excellence and investment intechnology. Driven by a strong belief that an organization's strength is in its employeesyour company announced that there will be no job losses due to the COVID-19 situation at'LAGNAM'.
Your Company's philosophy is to achieve long- term value to serve the best interest ofall shareholders customers employees Government and the society. We adopted a new"Distant But Connected" moto to convey our solidarity in theglobal war against COVID-19 as well as our commitment to "Wellness First".
I wish to thank my colleagues on the Board and team for responding positively to anunprecedented challenge and most of all I thank our shareholders for the confidence andfaith reposed by them in the Board and the Management team which has in my view geared upto take on more challenges. I can say with confidence the Company will improve itsperformance further in the coming years. This is however only possible through tirelessefforts; dedication and commitment of our team who have helped us reach where we are nowand look forward to their continued commitment in the journey forward.
With best wishes
D. P. Mangal