We began the year 2011-2012 with a resolve and certainty, that,
irrespective of economic trends and industry indicators, we would
correct the trend of the past fiscal in our main sugar business and
achieve a turnaround. I am indeed very happy to share with you the
significant growth that your company achieved during the year, with
each of the businesses putting in a creditable performance.
Sugar : The Sugar Division did exceedingly well despite it being a
challenging year for the overall industry. This was made possible by a
concerted effort to optimize efficiencies, sweat assets and achieve
stretch targets. The team touched the highest ever record in production
and process capabilities in sugar and co-products. The team has clearly
demonstrated its ability to surmount challenges, define new directions
and still remain cohesive. We are also encouraged by the appointment of
Rangarajan Committee to look at moving towards de-control of the sugar
industry. This is a move which has been awaited for a long time and
should augur well for our Company. An indication of the thinking of the
Government was the release of sugar exports without licensing. This
itself is a move in the right direction and should help the Sugar
Division earn a better price parity for its sugar in the overseas
Acquisitions made during the previous years were consolidated with a
100% increase in stake in Sadashiva Sugars. The process of gradual
merging of Parrys Sugar Industries Limited into E.I.D. has also begun
and during the year 2012-13 this will be given effect to. This would
enlarge E.I.D.''s scope of operations in the future. Technology
up gradation, reduction in cyclicality and diversification into value
added products, would be the drivers of future growth.
Bio-Products and Nutraceuticals : The Bio Products business capitalized
on the growing demand for organic farming crop protection products. The
division posted a robust growth, establishing itself as a Provider of
Total Solutions in Crop Protection. Nutraceuticals expanded its market
presence in health and body care, with a range of differentiated
product offerings for the OTC segment.
Last year was a challenging one for the Company, but the team
demonstrated its capabilities to excel in difficult circumstances and
is well poised to continue this performance into the next year.
As we march into another year with confidence, I thank all our
shareholders for their continued support and patronage.