It is a delight to address you on completion of another eventful and
successfulyear. The world economy has witnessed slowdown this year. The
concerns in Euro zone and Middle East remain unresolved and the US
economy is still not out of the woods. The Indian economy in tandem is
also experiencing a slowdown due to global and domestic turbulence and
policy formulations aimed at curbing inflationary pressures, having a
depressing impact on productivity and growth. Matters have been further
aggravated due to elevated crude prices and weakening rupee. The
textile sector too is faced with formidable challenges.
Despite the global volatile environment, the Consolidated sales (i.e.
Revenue from Operations) of your Company stood at Rs. 2221.54 crores
for the F.Y. ended31.03.2012, as compared to Rs. 1702.69 crores during
the previous year, agrowth of30.47 % YoY. However higher input and
interest costs, resulting from continuing high inflation had an adverse
impact on profits. The Profit after Tax (Consolidated) stood at Rs.
82.81 crores for the F.Y. ended 31.03.2012, as compared to Rs. 112.48
crores during the previous year.
However, I am glad to report that your Company has been able to sustain
operational stability, thanks to our strong market position, geographic
spread of scale and low-cost but high quality products. Our ability to
deliver in difficult times is attributable to our strategic positioning
as an integrated business house. We are consolidating our position by
focusing on higher value added products, developing newer products and
expanding market boundaries. Your Company has always focused on
building strengths for the future and continued to invest in building
capabilities. We will continue to invest our resources in taking these
Your company remains committed to strategic planning and meticulous
execution of expansion projects and to provide quality service to our
customers, achieve business objectives with social responsibility and
also result in sustained increase in shareholders value.
We believe in the idea of sustainable development through conservation
of natural resources, economic and social development and environmental
protection. We have always anticipated changes and adapted ourselves to
the environment without compromising on our core values. Your company
has always believed and practiced high standards of professionalism,
maintaining the standards of corporate governance, integrity and
transparency and would continue to do so. It is these values which have
shaped the character of your organization and helped in building wealth
for all stakeholders.
I would like to extend my gratitude to all our stake holders including
shareholders, customers, lenders and our loyal, hardworking and
committed employees for their continued support and faith in the
With best wishes, Ram Saran Saluja Chairman