It is my honour and privilege to address you all as the Chairman cum Managing Directorof Megastar Foods Limited. At the very onset I take this opportunity to express my deepgratitude and appreciation to all the stakeholders of the company who have shown theirtrust and faith in the management over the past years.
I am pleased to share with you an update on your Company's performance for 2019-20. Theyear saw a challenging business environment with lower GDP growth and slowdown inconsumption in the last phase of the year. The novel corona virus has affected not justhuman health but severely impacted businesses and the society at large. Against thisbackdrop your Company has delivered competitive profitable and responsible growth. Ourgrowth fundamentals are in a good shape with gains in penetration and distribution.
The Indian food industry is poised for huge growth increasing its contribution toworld food trade every year. In India the food sector has emerged as a high-growth andhigh-profit sector due to its immense potential for value addition particularly withinthe food processing industry.
Firstly I would like to briefly apprise about the performance of the company duringthe year. I am delighted to share with you that the company's investment in its ongoingproject reached a level of Rs. 2245.38 lakhs (including capital work in progress) as on31st March 2020 as compared to Rs. 1929.58 lakhs as on 31st March2019. I believe that similar expansions shall continue in the coming years as well. As aresult of the untiring and dedicated efforts of the management team the company hasrecorded an upward trend in revenues as well.
The management team of the company strongly feels that in the prevailing economybusiness turnaround is the need of the hour and management is working with renewed focusand energy to improve our market share reduce our cost base and focus on the customersatisfaction.
I would like to thank our employees bankers and other stakeholders for their hard workand commitment in this phase of Megastar Foods Limited.
Finally I thank you for your continued trust confidence and support.