I would like to extend my warm welcome to you all to the 28th Annual General Meetingof the Company.
As you are all aware that Financial Year 2018 - 19 was a very challenging year for theglobal economy and the steel industry in particular. These unfavorable conditionsinevitably affected our results adversely during last couple of years.
However the Company has shown an improvement during the year.
On the operational front the Company on standalone basis has recorded net revenue ofRs. 4299.36 Lakhs as compared to Rs. 4663.35 Lakhs of previous year. The net Profit beforetax is Rs. 1379.67 Lakhs as compared to previous year's loss before tax of Rs. 24826.70Lakhs. The Company has achieved net Profit after tax of Rs. 1374.28 Lakhs as compared toprevious year's loss after tax of Rs. 24076.33 Lakhs. The Earning Per Share (EPS) stood atRe. 0.79.
Despite of the adverse situations the Company continues to work and to strive towardsmaking permanent structural changes that will allow the company not just to survive butto grow in the future.
We are facing serious challenges but we will not bowed down from achieving ourprincipal objective i.e. to earn a pre eminent position in manufacturing high gradestainless steel products in India.
We are committed and determined to make the Company once again Profitable competitiveand capable to achieve even greater success in the future.
I would like to express my sincere appreciation to our shareholders for the support andcon3dence reposed in us and all other stakeholders and Government agencies our bankersfor the continuing commitment and support in your Company.
We look forward for your continued support in this crucial time with the Company.
| ||For Prakash Steelage Limited |
| ||Sd/- |
| ||Prakash C. Kanugo |
|Date : 13thAugust 2019 ||Chairman & Managing Director |
|Place : Mumbai ||DIN: 00286366 |