It is my pleasure to present to you our 32nd Annual Report. The Financial Year 2017-2018 has been fulfilling for the Company as we delivered resilient growth even in challenging market environment backed by our consistent endeavours.
Our efforts during the year have translated into encouraging outcomes better than the industry standards. From a modest start with home furnishings, we now feature amongst the leading textile companies in India with diverse product lines. We made substantial investments to expand our fabric manufacturing strength and enhanced capacity utilization. With unique designs, high quality and efficiency, our core objective is to be a trusted partner and produce the best fabric for our customers across the globe.
During the Financial Year, your Company registered a growth of approximately 40% in total income from Rs. 1,185 Crores in 2016-2017 to Rs. 1,651 Crores in 2017-2018. The increase in revenue resulted on account of capacity additions, enhanced distribution reach and further penetration to tier-2 and tier-3 cities. The EBIDTA of the Company stood at Rs. 188 Crores in 2017-2018 against Rs. 165 Crores in 2016-2017. The Company reported a slight decline in the PAT from Rs. 66 Crores in 2016-2017 to Rs. 58 Crores in 2017-2018.
We have in place a sound governance structure and internal control system with transparent policies for all. We care for the communities around us by contributing in the areas of health, education, livelihood and skill development. We have the expertise needed to navigate our way through volatile times along with the skills and the resources needed to seize the new opportunities.
To succeed in the midst of changing customer behaviour and competitive landscape, we require speed, innovation and continued transformation.
We aim to strengthen our position in the textile value chain.
Lastly, I take this occasion to express my heartfelt gratitude to our shareholders, management, dedicated employees, esteemed customers, partners, bankers and all stakeholders for their devotion, support and commitment to the Company. We are optimistic to embark on this journey of evolving as an extraordinary brand in the textile world.
As I look ahead, I strongly believe that the best is yet to come !!
Dr. Yamunadutt A. Agarwal