The year gone by has been one of the most challenging years globally as COVID-19disrupted industries supply chains demand and most importantly the prevailing healthcaresituation across the world.
The Revenue from operations of the Company on a Standalone basis for the year 2020-21stood at Rs. 6451.88 Lakhs as against Rs. 13969.65 Lakhs in the previousyear. Profit before tax stood at Rs. 56.82 Lakhs in FY 2020-21 as compared to %3111.42 Lakhs in the previous year. Net profit after tax stood at f 93.57 Lakhsfor the FY 2020-21 as compared to Rs. 2313.12 Lakhs in the previous year.
2020 is perhaps the most challenging year we've had as management of Orbit since wetook over control in 2004 as we saw demand for our products declining drastically due toour focus on the niche categories of occasion wear fabrics and novelty made-ups.
In addition to the unprecedented decline in demand the situation was further worsenedby supply chain disruptions the container shortage and worst of all; the fire we faced atour warehouse in March 2021 as a result of which all our shipments which were ready toship were destroyed.
Despite this being the toughest year yet I am certain that we're coming out a lotstronger than we went in to the year: we've diversified our business from the extremelyniche business of womenswear and have expanded our offering to include menswear our teamshave undergone training to better service our customers and we've had significantlearnings on expansion of our product line as well.
On a positive note our Company did not deter from its Brownfield expansion plans.
- Orbit acquired the Industrial Land & Building at Sarigam Gujarat and startedwith the setting up of Process/ Dyeing House on the said location. I am delighted toannounce that the setting up of the Process House has been completed and we expectoperations to begin by end September.
- The Company has also acquired Industrial Land and Building at Fairdeal Textile Parknear our existing manufacturing plant where we have installed waterjet looms to enhancecapacity for plain dyed fabrics.
Our focus with this significant CAPEX is to turn our focus from only occassion wearfabrics to a diversified portfolio which will also include casual fabrics and morespecifically to expand our product offerings to include more Polyester plain dyed fabrics(which were not previously in our gamut).
We are confident that with this renewed focus and our new product lines we willemerge much stronger and will scale new heights that our Company hasn't seen before.
At the outset I would like to extend my gratitude to all my fellow board membersshareholders customers vendors bankers suppliers and employees of the Company fortheir support. Most importantly I thank the shareholders foryour continuous trustsupport and confidence in the Company.
Chairman & Managing Director