On behalf of the Meera Board of Directors ifs my privilege to welcome you to the 13TH AGM of your Company. Meena was founded in the year2006 with minimal capital but a lot of ambition. Over the past 13 years our hard work innovation in technology aided by the tremendous support of our stakeholders has taken us to where we are today.
With our years of efforts and dedication we have shaped our business for a sustainable future - a business that is more robust responsive and competitive. We continued to deliver on our strategy during the year by focusing on elements we can control building foundations for continuous improvement and working towards our goal of nation building.
It gives me a great pleasure to share with you the exceptional performance of the Company. Since the fewyears our revenues have I been increasing exceptionally. Our revenues in 2018 turned to Rs. 21.11 Crores which is almost 60% from the previous year. We delivered a robust performance during the year2018-2019. During the year the stand alone revenue from operations grew by 63% from Rs. 21.11 Crores in FY18 to a strong Rs. 34.48 Crores in FY19.
During the year the consolidated income from operations grew by 65% from Rs. 21.50 Crores in FY18 to a robust Rs. 35.58 Crores in FY19. Despite volatility in forex and business scenario we have been resilient and clocked EBITDA of Rs. 6.60 Crores and PAT of Rs. 4.49 Crores. Today if we look back from we got public in the year 2017 our Standalone revenues grew by 162%. This year also consistently We have declared dividend of Rs.3 on an EPS of Rs.11.43. Year 2019 was a defining year for MEERA and its clients. Foryears we have focused on building the business need in the 21 st century.
Over the fewyears our company has established a global presence with one or more products in 26 Countries across 5 continents. In the Year 2018 our global presence was in 18 Countries in the year 2018-19 addition of Uzbekistan Bolivia Uganda Ecuador Kazakhstan .China Mexico Brazil these 8 countries have taken the tally to 26 Countries in which MIL exports. I n the past two years we are striving to make people aware regarding our products through participation in various Exhibitions conferences and trade shows held in various countries.
Core business segment:
The past year has been a challenging year for the Textile Industry with lots of ups and downs. In spite of the above the industry has been able to maintain its steady performance during the year under review. Textile Industry has played a key role in the country's progress over the years and the situation is likely to gain momentum in the times ahead. The Industry continues to hold a dominant position in country's economic structure because of its huge contribution towards employment generation.
Our 1st overseas plant started in USA on 23RD May 2017 contributed positively in F.Y. 2018-19. This initiative was critical as it enables us to showcase our capabilities in the largest market of the world. The performance has exceeded our expectations and we look forward too many more order wins in nearby future. We have always believed in striving to be a leading World Class Manufacturer of twisting machines. Innovation exhilarates us and we keep experimenting with newer manufacturing processes emerging technologies and newer business models. For instance we expanded our manufacturing facilities and integrated them with the global supply-chains of our customers all with minimal capex.
In the year we have extended the accelerating competency for Design Excellence. We continue to invest in technology and innovation and broke new grounds in diverse fields including Artificial Intelligence Additive Manufacturing etc.
During the year under review we have Developed and Delivered New Cabler/Twister for the Carpet Industry for BCF Yam Asector known to be dominated by only one player in the world. We have Improved the Size of TPRS Twister for Industrial Thread and FIBC Segment where in the new machine can twist directly large packages upto 280 MM. Asignificant move welcomed and appreciated by industry veterans.
To continue to strengthen our market position we are further strengthening our capabilities with addition of some machinery such as Rope Twisting Machine which will help to cover whole range of yarn twisting tech nology.
This year continued as efficiency improvement focus area for improving the production quality. We also wish to inform you that our capacity utilisation was folly made. We plan to continue to expand our scale of operations. As you are aware we have purchased land for the expansion of current capacity. The building construction work is expected to be complete in the one year and establishment of plant and machinery is expected to be complete in the next 2 yeans.
I am confident that with the Quality products in hand disciplined credit control system our customer centric and focused approach and highly committed work force your Company will maintain and continue to reinforce its strong position across the Markets. I am also confident that the initiatives underway or those already taken under various business segments will further solidify the foundation as we gear up for the ambitious growth that is earmarked. Besides focusing on the growth of our business we are also committed to extend our social responsibility and contribute to a better tomorrow.
On behalf of the Board of Directors of Meera Industries I would like to thank our investors fortheirconfidence in our company. I thank all our stakeholders and customers for their continued support and loyalty. We are committed to continue our exciting journey of J growth with the support and guidance of our customers employees shareholders bankers governments and the Board. We shall continue to remain an active contributor to nation building adding value to our product portfolio and exploring new opportunities that contribute to the growth of our business and the nation.
Dharmesh V. Desai
Chairman and Managing Director