BSE LiveJul 03, 16:00
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NSE LiveJul 03, 15:59
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My dear Shareholders!
Albert Einstein said, If you always do what you always did, you will always get what you always got. I am happy to inform you that Fineotex Chemical Limited has completed 12 years in serving the society with innovation in Speciality Chemicals and is growing quicker with increase in Standalone Profit After Tax for the year by 35.08% and Consolidated Profit After Tax for the year increased by 32%.
I express my heartfelt gratitude for your loyalty towards Fineotex Chemical Limited and having placed your trust in us. The year gone by has been extremely enthusiastic and we take delight in highlighting the current consolidated turnover in FY 2016 was Rs. lOScrores.
The Board o Directors during the year declared an interim dividend of Rs. 0.20 per Equity Share of face value Rs. 2/- each i.e. 20% a four fold jump from the previousyear.
Our Company during the year was also successful to prove its credentials and win business through innovative and customised products and having the technical service team available to cater to the needs of the client whenever needed. During the year our Company was successful to penetrate into new markets and win new customers and increase its wallet share with existing customers. The Company aspires to grow in an organic and inorganic manner.
Every year we plan to explore new geographies Our exports have risen approximately 23% of the topline. The Company looks forward to explore opportunities and make its presence felts throughout the Globe. We are optimistic to grow quicker with an increasing trend.
Global Specialty Chemical Market was valued at around $345.5 billion in 2014 and is expected to reach $ 473.7 billion by 2020, growing at a CAGR of around 5.4%. Globally Specialty Chemicals are driven by extensive product R&Dand innovation.
The Company manufactures over 400 specialty chemicals to Textile, Garment, Construction, Leather, Agrochemicals, Adhesive and Water Treatment. Hence t gives us a competitive advantage over the overs. The Company has manufacturing facilities in India, located at Mahape, Navi Mumbai and Malaysian Facility located at Bander Baru Bangi with combined production capacity of 22,000MT/p.a. to service the increasing demand for specialty chemical from across the globe.
According to the FICCI report, the Indian Specialty Chemical Market was valued at ~$25.3 billion as n FY14 and is expected to reach ~$44 billion by FY19 with a CAGR of 12% driven by growth of end user industry.
The other factors leading to growth in Indian Specialty Chemicals are due to the following key factors: (i) Specialty Chemicals are finding niche applications across textiles, industrials, infrastructure & agrochemical segments driven by the overall growth of Indian Economy, (ii) Increased consumption of emerging markets of Asia, (iii) Inefficiency of China to produce Specialty Chemicals since the products manufactured are tailor made and requires technical service.
Our Company has managed to grow in an upward trend, thanks to our improved and innovative products and ongoing Research and Development. It is our constant endeavour to deliver innovative products and services pertaining to the needs of the industry we service in. Each day we strive to add, build and manage our products/ service offerings in a way that it gives you a good reason to be optimistic about the future. Your Dependability on the Company counts. Our pragmatic approach allows us to streamline and arrest unwanted expenses, we are a cash rich Company with zero debts.
We rise by lifting others Our Company has received tremendous support from the society, hence its our responsibility to lift and build the society. We at Fineotex continue to contribute a part of the funds to various trust in support of Corporate Social Responsibility (CSR), which aim to render assistance to educational institutions, hospitals, welfare clinic and women empowerment.
I sincerely thank all our shareholders for their constant faith and appreciation. I also extend my gratitude to the Board, Auditors, Executives, the FCL Team, our Associates, Statutory authorities, our Customers and Suppliers for their trust and promise to remain with us, and reap the benefits that Company promises in the future.