It gives me great pleasure to announce yet another year of healthy growth. FY19 was acrucial year for us as we continued to focus on the growth agenda. We closed the fiscalyear with increase in revenue by 17.63% EBITDA by 7.36% and PAT by 8.92%. Your Companyhas shown strong growth in the top line during FY19 despite the uncertain market scenarioand increasing competition.
During the year your Company commenced commercial production at its new manufacturingplant at Bhiwadi for manufacturing flip flops to cater to the growing demand. The Companycontinued to harness its past initiatives as MOST (Maynard Operation Sequence Technique)lean manufacturing and yield improvement along with positive financial advantage andpeople engagement. During the year your Company has accorded special emphasis onoccupational safety initiatives for its workforce and assets. Inline with itsenvironmental policy your Company has switched over to green fuel in major manufacturingfacilities.
Your Company has continued its effort to adapt its product portfolio with evolvingconsumer needs and trends enabling an impressive growth in top line in FY19. Our focus onin-season launches with an optimal product portfolio has helped us to keep abreast ofconsumer expectations. New products are the key to sustain any growth story and ourin-house design team has maintained a refreshed product portfolio over the years.
Your Company continued its strategic initiative to strengthen the distribution network- especially in under penetrated markets. The field force was equipped with a mobile basedsolution for prompt on ground information enabling strategic decision making. During theyear Company focused on digital and on ground marketing initiatives while continuing itsconventional branding activities.
We believe modern trade and e-commerce will continue to be the growth engines of thefuture and we are well placed to capitalise on it. In keeping with this reality yourCompany strengthened its presence on major e-commerce portals and launched significantbranding initiatives for drawing traffic.
During the year the Company re-strategized its export presence from an opportunisticgeographic footprint to a more focused international presence with nation-specific productportfolio and a dedicated on ground sales team.
The Company continued to expand its retail chain through COCO (Company owned Companyoperated) stores. The asset-light FOFO model (Franchisee owned Franchise operated) hasgiven a positive response encouraging your Company to venture into newer territories. Asof the year end your Company has clocked 343 Exclusive Brand Outlets and is planning tocontinue the expansion.
Your Company continued to extend its technology frontiers by adopting cutting-edge ITsolutions. It launched mobile-enabled solutions for the field force and transferred theoperating platform for the Retail division to SAP FIANA streamlining its businessprocesses. It also aligned its operations to the ISO 27001 standards by securing thiscertification in the current year.
Post GST the Indian economy has witnessed a transition from an informal setup to aformal one. Indian footwear industry is also experiencing this transition which hascreated a level playing field for the organized sector.
We value our employees and have continued to strengthen our bond with them throughvarious initiatives such as reward & recognition trainings and ESOP plans.
I would like to thank all our stakeholders customers business partners board ofdirectors bankers and employees for their valuable support and belief in the Company.
With Best Regards
Ramesh Kumar Dua Managing Director