I am delighted to inform you that FY 18 was a landmark year for your Company. Wedelivered our highest ever annual profit fueled by strong volume growth and supported bybenign raw material prices.
We are encouraged by the robust global demand for farmed shrimp and the increasingsophistication of the aquaculture ecosystem and therefore stay positive about furthergrowth.
It is noteworthy that the industry has been increasingly moving from capture fishing toaquaculture. The burgeoning middle-income households in developing countries will nowcontribute to the steady increase in seafood consumption across the world this augurswell for future growth of the sector. Indian seafood exports crossed uSD 7 billion for thefirst time in the FY 2017-18 and frozen shrimp remained
the cornerstone by contributing 68% of dollar earnings. This provides us distinctimpetus for progressively increasing our footprint in the sector.
Our financial performance for 2017-18 resulted in revenue earnings of Rs. 344.29crores. Our Net Profits for the year stand at Rs. 29.90 Crores (having grown by 158%). TheBoard has recommended a final dividend of Rs. 1.50 per share for FY18.
Our Company has been consistently focused on R&D and innovation. This has yieldedresults leading to enhancements in our product portfolio. The farm care range of productsunder the 'Baylife' brand have been steadily gaining traction and popularity amongcustomers across all markets. We are confident that this business will add significantlyto the revenue of the Company in the coming years.
The positive momentum in volume growth in both existing and new markets has beenpossible due to our sustained efforts over the last several years to build and strengthena robust dealer network and farmer base. Our ability to introduce innovative products& services along with widespread branding and marketing initiatives have yielded goodresults.
We have commenced trial production of Post Larvae (seed) in our Vannamei hatchery afterobtaining all necessary approvals from authorities. The commercial operations willcommence very soon. This is a huge step forward and I am very encouraged by the bearingthis will have on future earnings and growth.
We have signed a MOu with Central Institute of Brackishwater Aquaculture (CIBA) a unitof Indian Council of Agricultural Research
Ministry of Agriculture New Delhi. This MOu provides for collaboration for jointdevelopment of eco- friendly Vanamei shrimp feed. This strategic alliance will help usdifferentiate our products in the market.
Our employees have been steadfast and singleminded in the pursuit of our objectives andgoals. I would like to place on record that it is this dedication that has brought us towhere we are today. I thank them sincerely for their contribution and support.
I thank the Board for their invaluable support over the years especially in steeringus through challenging times. I thank all our shareholders for the trust and faith theyhave reposed in us and look forward to their continued support in the future as well.
With best wishes
Vikramaditya Mohan Thapar