It gives me immense pleasure in presenting to you the 31st Annual Report of the Company and thanking you for your continued support and goodwill that is critical to the success of your Company. I and on behalf of the India Steel Board of Directors would now like to highlight some key aspects of the year under review:
- Revenue touched an all-time high of Rs. 99682.86 lakhs in comparison to the last year revenue as Rs. 115911.90 Lakhs, while EBITDA increased by Rs. 419.45 Lakhs. However, PAT was lower due to higher interest and depreciation on account of capitalization of the 120 MW captive power plant.
- Net worth of the Company has increased from Rs. 17493.11 lakhs in F.Y. 2016-17 to Rs. 18001.26 lakhs in F.Y. 2017-18.
Steel being crucial to the development of any modern economy and is also considered to be the backbone of human civilization. The level of per capita consumption of steel is treated as an important index of the level of socio-economic development and living standards of the people in any country. It is a product of a large and technologically complex industry having strong forward and backward linkages in terms of material flows and income generation.
India''s economic growth is contingent upon the growth of the Indian steel industry. Consumption of steel is taken to be an indicator of economic development While steel continues to have a stronghold, being a key ingredient in traditional sectors and several industries such as construction, housing and ground transportation, special steels are increasingly being used in engineering industries such as power generation, petrochemicals and fertilizers, will continue to be related closely to the economic prospects of a country or region. India occupies a central position on the global steel map, with the establishment of new state-of-the-art steel mills, acquisition of global scale capacities by players, continuous modernization and up gradation of older plants, improving energy efficiency and backward integration into global raw material sources.
India is mature in the world stainless steel industry, with ever-increasing product-range & capacities. There is a growing pool of skilled labour and technical staff that are capable of managing metallurgical & process parameters of stainless steel. India Steel Works is poised at the forefront of the Indian stainless steel industry, and its strategic location is perfect for capitalizing on this. The plant, located just outside the thriving hub of Mumbai city, is close to the ports, perfect for international shipment and at the hub of the Indian highway system for domestic transport.
We believe that in staying true to our motto of Inner Vision. Global Action we will maintain our relationships with all our stakeholders, grow continuously, and match the world''s best in stainless steel, having a perfect combination of Dedication, Aim and Route Map.
While our Management team & employees took significant initiatives to improve the operating performance, market challenges offset the benefits of internal improvement efforts leading to significant profit erosion. Our in house testing labs are equipped with world class testing equipment and our quality control team works independently to guarantee that there is no compromise on the quality of steel that we deliver.
Finally, I would like to take this opportunity to thank you as the shareholders of the Company for your support & motivation to the Company during the year. I would also like to thank the lenders, customers, suppliers, various national & provincial governments with whom we have been working, further shall appreciate the employees, workers and Unions of India Steel group Companies who have stood by the Company & I look forward to their continuous dedication and support in the future.
Ashwinkumar H. Gupta