Financial Year 2017-18 was a historic year for the Indian Economy. The landmark GST legislation came into place. While there was a lot of apprehension among businesses going into it, looking back, it seems to have been a great step for the Indian economy. The World Bank gave a massive fillip to India in its ‘Ease of Doing Business’ rankings, and Moody’s upgraded India for the first time in 13 years. The textiles sector has specially derived substantial benefits under the new tax regime. We believe that with time, the ironing out of residual issues with this will only bring more benefits to the economy.
Your company grew the top-line at the rate of 7.69%. There was a slight improvement in margins on the back of the closure of loss-making weaving section last year. However, volatility in feedstock prices posed some challenge. Overall, we believe we achieved moderate success with various strategic initiatives announced last year. The best years, however lie ahead as we tread steadily, albeit cautiously on the strategic realignment of this 120 years old enterprise.
Like every year, this time also I would like to thank all our stakeholders including customers, employees and management for contributing meaningfully towards the growth of Mohota Industries Limited. The legacy of this company is our best asset as well as biggest responsibility. We will continue to build it up further in the coming years.
Dr. Ranchhoddas Mohota