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Mirza International Ltd.

BSE: 526642 Sector: Others
NSE: MIRZAINT ISIN Code: INE771A01026
BSE 00:00 | 20 Feb 60.45 -1.05
(-1.71%)
OPEN

62.90

HIGH

62.90

LOW

60.00

NSE 00:00 | 20 Feb 60.50 -1.00
(-1.63%)
OPEN

61.10

HIGH

62.70

LOW

60.15

OPEN 62.90
PREVIOUS CLOSE 61.50
VOLUME 16673
52-Week high 71.80
52-Week low 49.70
P/E 15.23
Mkt Cap.(Rs cr) 727
Buy Price 60.45
Buy Qty 2001.00
Sell Price 62.90
Sell Qty 100.00
OPEN 62.90
CLOSE 61.50
VOLUME 16673
52-Week high 71.80
52-Week low 49.70
P/E 15.23
Mkt Cap.(Rs cr) 727
Buy Price 60.45
Buy Qty 2001.00
Sell Price 62.90
Sell Qty 100.00

Mirza International Ltd. (MIRZAINT) - Chairman Speech

Company chairman speech

Global conditions have been challenging especially with weak consumer sentiments inEurope our key export destination. Our prudent strategy of increasing our focus on thedomestic market has served us well enabling us to offset the slowdown in revenue fromexports. Powered by robust sales in the domestic market our total revenue stood at Rs1153.79 Crore in FY 2018-19 as against Rs 972.50_Crore in the previous year an increaseof 18.64%. Our domestic revenue surged to Rs 651.92 Crore in FY 2018-19 from Rs 449.09Crore in the previous year a growth of 45% vindicating our focus in developing andexpanding the domestic market. However Profit before Tax (PBT) declined to Rs 75.97 Crorein FY 2018-19 from Rs 117.84 Crore in the previous year. The decline in profitability wasprimarily attributable to the rise in the cost of material imports due to adverse movementin foreign exchange higher finance costs and discounts offered in the domestic market asa conscious strategy to increase our consumer base.

Entering FY 2018-19 confident in the opportunities ahead of us we proactively changedgears in the domestic market pursuing robust and rapid expansion of our retail and onlinepresence. During the year we added 47 Exclusive Brand Outlets (EBOs) growing our totalEBO presence by 29.56%. I am particularly pleased to share that the hybrid format of ourEBO store viz. online-offline store – where consumers can order online and collectthe delivery at the outlet – has been extremely well-received. Spurred by theirpopularity of the 47 EBO stores launched in FY 2018-19 33 were online-offline stores. Inrecent years we have also invested in increasing our digital infrastructure – be itin setting up division in Noida U.P. to specifically cater to the e-commerce segmentsetting up warehouses at strategic locations to ensure smooth and swift product flowintensifying our focus on digital marketing or strengthening our presence on major onlineportals. Not surprisingly in FY 2018-19 e-commerce-related sales registered theexcellent growth among the various channels we leveraged in India to reach out to ourconsumers.

The best way to gauge our performance we believe is the success of our brands.REDTAPE has inspired trust and admiration in global markets and is now also on a solidfooting in India. Sales from REDTAPE footwear apparels and accessories continue to growyear-on-year an endorsement of the confidence style and comfort the brand exudes. Ouryounger brands – BOND STREET REDTAPE Athleisure and MODE have also doneexceptionally well. In a short span of time each of these brands has captured the heartsof the target consumers as reflected in their strong growth in sales. We remain committedto deepening our consumer connect and enhancing the market share for all our brands.

At Mirza International good performance goes beyond profits. It is about things thatare right for our communities and planet. Passionately committed to a better and greenerfuture for all we embrace sustainable operations. Our tannery is equipped with astate-of-the-art effluent treatment plant making our tannery operationsenvironment-friendly. We have also successfully implemented various measures aimed atoptimizing recycling recovering and reusing resources. To empower and enrich the livesof people in the areas where we live and work we continued to undertake welfareactivities in the areas of education health and rural infrastructure.

In India moving forward we plan to amplify our efforts in product innovation retailpresence distribution network and the digital space. While this will initially result insome additional expense we have no plans to sit still amid a highly favorable marketenvironment. India's growing economy and rising consumerism provide significantopportunities for the retail sector. To realize higher and sustained sales we arecommitted to ensuring that our brands keep abreast with the upcoming trends andinnovations to match consumer aspirations. We will also continue to work towards placingour brands at the right place at the right time to ensure demand fulfillment. Whiledomestic markets will occupy center stage in our business strategies we will also focuson key international growth markets as we continue to leverage our global footprint. Weremain mindful that today's ultracompetitive marketplace requires a highly nimble andagile organization. Consistent with this belief we will pursue the path that makes ouroperations more efficient leaner and faster.

On behalf of the Board I would like to take this opportunity to thank ourshareholders bankers and government authorities for investing their faith and confidencein Mirza International Limited. I would also like to express my gratitude to our consumersfor the patronage they have shown for our products. We aim to earn your continued trustevery day. Finally our sincere appreciation to our employees for the hard work andcommitment they have demonstrated throughout another successful year.

As we move ahead in our journey we shall continue to work diligently to take thisCompany to greater heights.

Thanking you

Rashid Ahmed Mirza

CMD & CEO