Every Journey creates milestones reminiscent of the fact that there is steadyprogression towards attaining the vision for the future. We ensure excellence inefficiency through continuous improvement in all areas of operations such as processcontrol asset management and value addition. Our initiatives are aimed at achievingsuperior product quality and delivery performance and optimising product mix therebyimproving efficiency at each stage of operations.
Abroad-based cyclical upturn was visible across the global economy during the yearunder review and according to IMF estimate annual global GDP growth is expected to haveexpanded by 3.9% in 2018 and 2019. But more importantly the growing uncertainty in globalgeopolitics and the recent surge in crude oil prices are two factors that will have abearing on the pace of global economic recovery.
"One nation One market One tax" will provide a big boost towards economicinclusion of a largely unorganised textile sector. Today India is one of the largestgrowing economies in the world poised to record a healthy growth rate of 7% on the backof consumption and increased public spending.
The Indian man-made fibre manufacturing industry is not only one of the rapidly growingsectors in the economy but also a critical enabler of the largest export earner amongstthe textiles industry. India's textile Industry is currently estimated at around USD 150Billion and is likely to reach 250 Billion by 2022. Its overall textile exports during FY2017-18 stood at USD 37.74 Billion ( Source : IBEF). It is further expected to grow at aCAGR of 13.58% between 2009 and 2019. Government initiatives like allowing 100% FDI underthe automatic route is likely to boost the segment.
Producer of Synthetic fibre in India have urged the government to remove bias andanomalies in GST structure against the man-made fibre industry as it has been affectingthe growth and impeding from achieving a larger share of the global market. At presentIndia's share in global exports of value-added textiles of MMFs is just about 3 percent.We want the government to bring down the rate of GST on par with cotton fibre and yam forgrowth of the Indian textile sector and also input and output GST Tax slab should be thesame.
In the year 2017-18 the company has achieved consolidated revenue from its operation?122883.11 Lacs and EBIDTA stood of? 9787.81 Lakhs. The company's net result is showingloss of ? 261.96 Lakhs due to change in depreciation method from SLM to WDV which impactedexcess provision of depreciation around an amount of ? 3454.3.3 Lakh We will continue tomaintain industry leading growth rates even in challenging times in future.
The modem world warrants a firm commitment towards enhancing business transparency andcredibility. The Company endeavours to develop and sustain long-term value creatingpartnerships with our dealers distributors and customers through a wide range of productofferings innovative services and unique solutions. Customer is truly at the centre ofour strategy.
Sumeet has always been driven by determined corporate governance which has enabled usto accomplish our goals and create value for our stakeholders. I take this opportunity tothank for continued trust and confidence in the Company by our Stakeholders Bankers andthanks to our esteemed Board of Directors for their constant guidance and support. I amalso grateful to our customers for reposing faith in our capability to serve them andemployees for their relentless efforts and our community for its support andunderstanding.