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Orbit Exports Ltd.

BSE: 512626 Sector: Industrials
NSE: ORBTEXP ISIN Code: INE231G01010
BSE 00:00 | 23 Oct 63.20 3.95
(6.67%)
OPEN

61.70

HIGH

71.00

LOW

61.70

NSE 00:00 | 23 Oct 62.95 3.60
(6.07%)
OPEN

59.00

HIGH

71.00

LOW

59.00

OPEN 61.70
PREVIOUS CLOSE 59.25
VOLUME 16244
52-Week high 102.00
52-Week low 47.00
P/E 14.60
Mkt Cap.(Rs cr) 173
Buy Price 61.00
Buy Qty 137.00
Sell Price 63.20
Sell Qty 548.00
OPEN 61.70
CLOSE 59.25
VOLUME 16244
52-Week high 102.00
52-Week low 47.00
P/E 14.60
Mkt Cap.(Rs cr) 173
Buy Price 61.00
Buy Qty 137.00
Sell Price 63.20
Sell Qty 548.00

Orbit Exports Ltd. (ORBTEXP) - Chairman Speech

Company chairman speech

Dear Shareholders

It gives me immense pleasure to present the 36th Annual Report of the Company.

We continue to strengthen our creativity for the ever evolving consumer demandsrapidly changing fashion trends. The Report presents a concise and cogent analysis of ourperformance during the reporting year.

The Revenue from operations of the Company on a Standalone basis for the year 2018-19stood at र 13338.51 lakhs as against र 13023.04 lakhs in the previous yearreflecting stability of operations in an otherwise uncertain market. Profit before taxstood at र3043.05 lakhs in 2018-19 as compared to र3505.76 lakhs in the previousyear. Net profit after tax stood at र2311.82 lakhs for the current year as compared toर2490.88 lakhs in the previous year.

Your Company has further invested in product development in the textile industry withthe hope to cater to more customers in the international as well as domestic markets. Thecompany has also invested further in the Finished Products division making an expansionin this area. During the Year the Fixed Assets of the Company increased by र2039.80Lakhs.

Your Company approved the proposal of buyback of Equity Shares of the Company in itsmeeting held on March 18 2019 at the Maximum buyback price of र 130/- per equity shareand the Maximum buyback size of र 100000000/- (Rupees Ten Crores only). The maximumindicative number of Equity shares that can be bought back is 769230 Equity Sharescomprising approximately 2.72% of the paid-up equity share capital of the Company.

The buyback was offered to all eligible equity shareholders of the Company (other thanthe Promoters the Promoter Group and Persons in Control of the Company) under the openmarket route through the stock exchange. The Company will fund the buyback from its freereserves current surplus and/ or cash and cash equivalents and/or internal accrualsand/or liquid resources and/or such other permissible sources of funds of the Company. Thebuyback of equity shares through the stock exchange commenced on March 292019 and isexpected to be completed by September 2019. During the year ended March 31 2019 Nilequity shares were purchased from the stock exchange and therefore not extinguished anyshares as of March 312019.

The volatility and uncertainty of market conditions have taught us that in such dynamicscenarious we should keep a close watch on the business. The company is exploring neweravenues to continue to enhance shareholder value.

Growth we believe needs to be viewed through a long-term perspective. Our consistentfocus needs to be on growing profitability with a strong emphasis on cash flow. We willcontinue to take relevant steps to safeguard the Company's stable financial position withhealthy cash reserves on the books.

For your Company the year ahead looks good as the Indian Textile Industry is buoyed byboth strong domestic consumption as well as export demand. With consumerism disposableincome is on rise and with the entry of several international players into the Indiamarkets the retail sector has experienced a rapid growth. All this coupled with theGovernment continuing with the incentives schemes like Technology Up-gradation Fund Scheme(TUFS) and export promotion policies for the Textile Industries the outlook looksenterprising for the Industry.

I would like to extend my gratitude to all my fellow board members shareholderscustomers vendors bankers suppliers and employees of the Company for their unstintedsupport. I take this opportunity to thank everyone who has contributed to deliver theperformance in fiscal '2019 and thank them for their belief.

Regards

Pankaj Seth

Chairman & Managing Director.

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