It gives me immense pleasure to present the 25th Annual Report of the Company.
The year 2017-18 filled with challenges and at the same time gave new opportunities for our Group. The primary concern was the volatility in the price of raw material due to constant increase in import duty on crude refined palm oil and crude soya bean oil by the Government of India in the fiscal year 2017-18
The Haldia unit was running through the imported oil and the cost of administration and control of the said unit has been increasing especially due to lower capacity utilization, unfavourable import duty structure for crude oil and other operational difficulties. As a result the group took a strategic decision and sold the Haldia unit during the year to focus on domestic oil and value added products rather than on the imported oil segment.
In the emerging and competitive world our company faced the challenging environment in front of its competitors and stood amongst the top in the market. The people have become health conscious and believe in pure and healthy food. Our Company provides one of the best healthy and nutritious oil to the society, and contributes to the health and nutritious value of the consumers.
During the year the Group''s total income from operations (excluding the income from discontinued operations) for the year ended 31.03.2018 was Rs. 198775.07 lakhs against Rs. 185749.00 lakhs in previous year, which shows increase of 7.01% as compared to the previous year. Group''s Net Profit for the year ended 31.03.2018 was Rs. 904.80 Lakhs against Net Profit of Rs. 333.43 lakhs in previous year which shows increase of 171.36% as compared to the previous year. Group''s total Comprehensive Income was Rs. 896.12 Lakhs for the year ended 31.03.2018 against Rs. 313.75 Lakhs in the previous year.
GDP OUTLOOK FOR 2018-19
Favorable indicators such as moderate levels of inflation, anticipated growth of the industrial sectors, expectation of greater stability in GST, expected recovery in investment levels, and ongoing structural reforms could propel India''s economy to grow at an accelerated pace. Furthermore, the expected growth in global economy in 2018 could also provide an impetus to India''s exports, which has already shown acceleration in the current financial year. However, the country''s growth could be impacted by the increase in crude oil prices along with protectionist tendencies in some of the countries. Considering the growth potential and downside risks, the government expects India''s GDP to expand at a growth rate between 7.0-7.5 percent during 2018-19.
The Indian market presents a significant growth for oil players owing to growing population, income growth and low current per capita consumption. Your company is positioned strongly to tap the opportunities. Despite the positive signs, we remain cautious and vigilant as we are exposed to volatility in commodity as well as currency fronts. We are guided by our stakeholders, the industry and the nation promoting inclusive growth.
As far as the year 2018-19 is concerned, we recognize the upcoming challenges this year and are geared to face them confidently. Our mission is to contantly improvise our methodology and systems so as to achieve efficiency in our operations through optimum utlisation of resources. As conveyed earlier, the Group is now focusing more on branding activities, strengthen distribution network and to start various packing sections across India to connect the customers in a better way and to tap the increasing demand. To start with the initiative, the Group has set-up packing and storage facilities at West Bengal. The Group has launched new brand Vivaan in Kachi Ghani Mustard oil to extend its reach in premium segment of oils. The Group has also entered in the segment of Spices and Salt through its subsidiary under brand Gokul in the domestic market.
Over the years our products have ruled a number of kitchens in the country, but our efforts (beyond our business) have nourished lives of many more. We continue to go head-strong in our actions towards healthcare, education and empowerment of women, which embrace our social values and principles. Where we stand today are the perseverance and efforts undertaken by your Directors and the entire family of Gokul Group. I would like to express my gratitude to the entire family of Gokul Group and their efforts and hard work that has made Gokul the prominent and renowned brand. I am confident and excited that the Gokul family will excel great heights in the years to come.l would like to take this opportunity to thankour dedicated and motivated employees who are the greatest asset of the Company and with their passion, hard work and commitment taken it to this level and also appreciate the guidance from the members of Board from time to time.
We also thank our stakeholders, clients, vendors, bankers, investors. Governments, Government Agencies and partners in growth for reposing their confidence and faith in the Company. It is your trust and commitment that inspires us to set high standards of growth and performance and continue to deliver high returns to our stakeholders. We look forward to continue our journey on the path of excellence and profitable growth in the coming years.