Financial Year 2017-18 was a historic year for the Indian Economy. The landmark GSTlegislation came into place. While there was a lot of apprehension among businesses goinginto it looking back it seems to have been a great step for the Indian economy. TheWorld Bank gave a massive fillip to India in its Ease of Doing Business' rankingsand Moody's upgraded India for the first time in 13 years. The textiles sector hasspecially derived substantial benefits under the new tax regime. We believe that withtime the ironing out of residual issues with this will only bring more benefits to theeconomy.
Your company grew the top-line at the rate of 7.69%. There was a slight improvement inmargins on the back of the closure of loss-making weaving section last year. Howevervolatility in feedstock prices posed some challenge. Overall we believe we achievedmoderate success with various strategic initiatives announced last year. The best yearshowever lie ahead as we tread steadily albeit cautiously on the strategic realignment ofthis 120 years old enterprise.
Like every year this time also I would like to thank all our stakeholders includingcustomers employees and management for contributing meaningfully towards the growth ofMohota Industries Limited. The legacy of this company is our best asset as well as biggestresponsibility. We will continue to build it up further in the coming years.
Dr. Ranchhoddas Mohota