Dear Valued Shareholders
We are pleased to present the annual review of our Company for the financial year 2018-19. This fiscal year has been quite eventful for our Company as well as for the Industry as a whole. The year witnessed various structural reforms introduced by the government including Goods & Services Tax (GST) opportunities for foreign investment in India 'Make in India' initiatives (especially beneficial for manufacturing sectors) resolution of banks' NPA recapitalisation etc.
Developing economies are the key drivers of global economic growth and our country has been at the forefront among them. Driven by government support India is expected to witness significant industrial growth and foreign investments. Upside in private consumption and services is expected to support economic growth.
The year gone by FY 2018-19 has been a milestone year for us Silgo Retail Limited got listed on NSE Emerge Platform of NSE Limited on October 10 2019. We have ended the year FY 2018-19 with Revenues of INR 2167.12 Lakh and PAT of INR 123.09 lakh.
At Silgo we continued to strengthen our industry positioning through our consistent focus on new product development quality and innovation. With your continued support and trust we have begun our journey of being a valued silver jewelry and articles manufacturing brand.
The Indian economy is likely to grow at around 7% over the next decade. As the gems and jewellery industry is one of the biggest businesses in India it shall play a crucial role in the Indian economy. Gems and jewelry industry contributes in huge foreign exchange earnings and provides employment to over 4.5 million workers both in organized as well as unorganized sectors.
The Company during its short existence so far has constantly evolved to stay relevant to meet the needs of customers and contribute to nation building. It remains focused on building sustainable value to all our stakeholders while upholding the SILGO values. Overall I am very happy with the performance we have been able to deliver notwithstanding difficult business conditions.
I would like to take this opportunity to thank every member of SILGO family for their untiring efforts. I would also thank our clients creditors banks and other stakeholders without whose patronage we could not have been where we are.