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Jayant Agro-Organics

BSE: 524330|NSE: JAYAGROGN|ISIN: INE785A01026|SECTOR: Chemicals
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Chairman's Speech (Jayant Agro-Organics) Year : Mar '18

Dear Shareholders,

The current year saw the Company''s turnover touch new highs. The consolidated turnover and EBIDTA for the year was Rs.2557.10 crores and Rs.150.9 crores, respectively. Both were highest ever in the history of your Company. Given that, the year saw the lowest crop in nearly a decade and the industry had to depend on the carry forward crop of previous years, the performance of the Company can be considered satisfactory.

The year started on a positive note with a stable business environment. The exports for the industry which were at 5,56,778 Metric Tons in 2016-17, were at 6,39,390 Metric Tons in 2017-18, reflecting the buoyant demand for castor oil. It is expected that the overall demand for castor oil will continue to improve steadily in the long run. Your Company has placed its faith in the Indian farmers, particularly in the castor seed growing regions of Gujarat and Rajasthan to increase castor seed availability in a meaningful way. It has been our endeavour to support the efforts of the farmers by providing them a market for their produce. Your Company has strategically focused on the customer, with a robust long-term vision of expanding the market, enhancing its relations to promote sustainable growth in consumption and application of castor oil and its derivatives.

Your Company is a multi-product manufacturer and supplier to various industries and markets with essentially a single raw material, the castor seed. Castor Oil is a wonder material, which is a non-food, non-feed, eco-friendly, biodegradable, natural and versatile product. Thejourney to discover new products and build a versatile portfolio requires continuous commitment. Your Company has a focused Research & Development Centre, which plays an important role in achieving our overall vision. The versatility provided by its R&D centre not only helps the Company to launch new products, but also enables it to respond dynamically to the changes in the market. It is your Company''s vision to cater to all the industries, across geographies. Your Company sells more than 75 different products to over 70 countries across the globe.

With the petroleum prices rising, castor oil based products offer an eco-friendly alternative to many petroleum based products. Many of the castor oil products also complement petroleum products. The demand for these products will depend on the conviction of the market about where the petroleum prices are headed.

Your Company''s performance of sebacic acid has been improving continuously. However, there is stiff competition from Chinese manufacturers, which affects the profitability. The Indo-Japanese-Korean joint venture, Vithal Castor Polyols Pvt. Ltd., is sensitive to petroleum prices, due to which it is facing challenges in utilizing its capacity. Your management, along with its joint venture partners, is working towards the product mix to achieve satisfactory capacity utilization. The current trend of firm prices of petroleum products may be beneficial for this joint venture.

Arkema, a global leader in specialty chemicals and advanced materials; BASF, the world''s leading chemical company; Jayant Agro-Organics Ltd., a pioneer in castor oil based chemicals in India, and Solidaridad, an international civil society organization, came together for Project ''Pragati'' (Hindi word for progress). With this first-of-its-kind initiative globally, the companies are developing a sustainable castor framework titled ''SuCCESS'' (Sustainable Castor Caring for Environmental& Socia Standards). On May 2nd, 2018, the first 10 producer groups, representing 1,019 castor farmers were formally awarded certificates for their tremendous achievements in improving the sustainability of their farming practices.

In addition to the Pragati initiative, your Company is involved in several projects involving the welfare of farmers, including one by The Solvent Extractors Association of India (SEA).

Your management will continue to strive to maintain this rich legacy of performance with incessant effort and dedication by partnering with like-minded organisations and institutions, focusing on innovation by investing in Research & Development for new products, processes and applications. We continue to believe in our Founder''s philosophy- As you sow, so you reap.

With Best Wishes,

Abhay V. Udeshi

CHAIRMAN

Source : Dion Global Solutions Limited
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