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Somi Conveyor Beltings Ltd.

BSE: 533001 Sector: Others
NSE: SOMICONVEY ISIN Code: INE323J01019
BSE 14:11 | 24 Mar 36.10 -0.84
(-2.27%)
OPEN

38.76

HIGH

38.76

LOW

36.10

NSE 13:59 | 24 Mar 37.00 0.30
(0.82%)
OPEN

38.60

HIGH

38.60

LOW

35.10

OPEN 38.76
PREVIOUS CLOSE 36.94
VOLUME 1000
52-Week high 61.80
52-Week low 29.25
P/E 20.40
Mkt Cap.(Rs cr) 43
Buy Price 36.35
Buy Qty 25.00
Sell Price 37.13
Sell Qty 25.00
OPEN 38.76
CLOSE 36.94
VOLUME 1000
52-Week high 61.80
52-Week low 29.25
P/E 20.40
Mkt Cap.(Rs cr) 43
Buy Price 36.35
Buy Qty 25.00
Sell Price 37.13
Sell Qty 25.00

Somi Conveyor Beltings Ltd. (SOMICONVEY) - Chairman Speech

Company chairman speech

Dear Shareholder

As we emerged from the lock-down problems of the previous two years wewere faced with a new challenge of rising costs of raw materials during the current year.This increase in the costs of raw materials has been unprecedented as it has happenedcontinuously for months together forcing us to increase prices of our products time andagain in the market. Our learning?s from the first wave of being agile & flexiblecoupled with prudent risk management helped us deliver better performance in 2021-22 ascompared to previous year results. As we look forward to the future with optimism I amextremely grateful to our stakeholders who supported us throughout and continue to placetheir immense trust in us.

During this period our single point of focus has been our strongcommitment and our desire to serve the consumers. I am happy to report that we have comethrough. While our business may have been impacted by prevalent global economicuncertainty it is showing strong signs of a rebound in the form of growing market shareand growing consumer loyalty.

Looking back I can say this with absolute certainty that the roots ofthis organisation are much stronger than they have ever been. The values have been imbibedin a way that is tangible in the results we have driven and the outcomes we have produced.

The resilient performance of the company is reflected in theFinancials. Despite the volatile business environment your company has shown a robustperformance in FY 2021-22. The turnover of the Company stood at Rs. 5713.85 Lakhreflecting growth of 22.11% over Rs. 4679.27 Lakh in FY 2020-21. There is slight declinein the Net Profits of the Company by 2.58% as compared to previous year where Net Profitswere Rs. 176.12 Lakh. However the Company is confident of significant growth in sales andprofits of the Company as many orders are lined up in the coming quarters.

At present there is a rise in the demand for conveyor belts in themining industry to transport various materials such as excavated and crushed rocks in anefficient manner. This along with the growing warehouses and distribution centers foronline merchants across the globe represents one of the key factors driving the market.In addition to this the escalating demand for conveyor belts in the building andconstruction industry to connect the broken equipment of different levels sand productionfacilities and screening equipment is positively influencing the market. SCBL is focusingon developing eco-friendly conveyor belts with self-cleaning properties.

We know that we never had as much potential as we do right now toleverage our expertise to benefit our clients and the broader society. This opportunitythat lies before us - to make an indelible mark with our technology our empathy forclients our investment in employees and a renewed sense of purpose - is greater than ithas ever been. This gives us great optimism about the future and equally puts greatresponsibility on us to make that future happen.

We are committed to doing things the right way which includes takingbusiness decisions and acting in ways that are ethical and in compliance with applicablelegislation. This is our road to consistent competitive profitable and responsiblegrowth and to creating long-term value for our shareholders our people and our businesspartners. Besides business performance we will continue to make significant investmentsin community engagements through the implementation of various meaningful philanthropicprogrammes.

I wish to thank the Shareholders Investors Central and StateGovernments Lenders Suppliers and Customers for their great support during these tryingtimes. I also thank all my colleagues on the board for their continued support.

With warm regards
O P BHANSALI
Chairman and Managing Director

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