It gives me immense pleasure to present before you the 06th Annual Report of MangalamSeeds Limited. Because of the global ecological imbalance our Country has witnesseduneven rainfall since last few years. Financial year 2016-17 was marked by a furtherslowdown in the Agriculture sector due to highly fluctuated monsoon and rains. This has adirect impact on agriculture sector specifically seed industry. The Company navigatedthese challenges well and reported a good growth in its profit as compared to the previousyear. The turnover of the Company increased marginally by around 26.62% but the Companywas able to increase its profit after tax by around 43.54%.
In the current financial year we have achieved standalone revenue of Rs. 3017.50Lakhs(Rs. 2383.06Lakhs in FY 2015-16). Our EBIDTA stood at Rs. 436.10Lakhs vis--vis Rs.297.61Lakhs in FY 2015-16; and a net profit at Rs. 312.27Lakhs vis--vis Rs. 217.55Lakhsin FY 2015-16. We maintained a persistent focus on product quality innovation and farmerengagement to strengthen our business model.
Considering the need of an hour the research and development team of the Company is inprocess of developing more such products which shall perform well in unfavorable climaticconditions. The Company has appointed two new Research Scientists for the Research &Development namely Mr. Prakash Patel and Dr. Abhishek Amin.
Our marketing and distribution network our key strength enabled us not only toservice our existing markets but also expand our reach further in most markets. Our corenetwork of loyal and committed channel partners has been built over long period of timeon the strength of proven product performance and meeting customer expectations.
We continued our engagement with the farming fraternity through multiple engagementprograms. We not only made them aware of our brands and new range of products; but alsorendered relevant agronomic information to increase their farm productivity.
On behalf of my colleagues on the Board I would like to express my sincere gratitudeto our employees bankers partners customers and shareholders for their continuedsupport and encouragement as we pursue our growth strategy.
Mafatlal Jethabhai Patel