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Orbit Exports Ltd.

BSE: 512626 | NSE: ORBTEXP |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE231G01010 | SECTOR: Textiles - Weaving

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BSE Live

Feb 20, 16:00
77.20 0.20 (0.26%)
Volume
AVERAGE VOLUME
5-Day
2,530
10-Day
1,385
30-Day
920
1,132
  • Prev. Close

    77.00

  • Open Price

    75.45

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Feb 20, 15:42
76.65 -0.20 (-0.26%)
Volume
AVERAGE VOLUME
5-Day
6,851
10-Day
5,120
30-Day
4,379
8,459
  • Prev. Close

    76.85

  • Open Price

    75.60

  • Bid Price (Qty.)

    76.65 (878)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2016 2015 2002

Chairman's Speech

Dear Shareholders,

It gives me immense pleasure to present the 35th Annual Report of the Company to all of you.

The Revenue from operations of the Company on a Standalone basis for the year 2017-18 stood at Rs. 13,024.04 lakhs as against Rs. 13,053.35 lakhs in the previous year, reflecting stability of operations in an otherwise uncertain market. Profit before tax stood at Rs. 3,505.76 lakhs in 2017-18 as compared to Rs. 3,192.06 lakhs in the previous year. Net profit after tax stood at Rs. 2,490.88 lakhs for the current year as compared to Rs. 2,077.70 lakhs in the previous year. This has been a strong year for your company and we have managed to clock a decent growth in bottom line.

Your Company has approved a buyback proposal for purchase by the Company of upto 4,44,444 shares of Rs. 10/- each (representing 1.55% of total paid-up equity capital) from the shareholders of the Company on a proportionate basis by way of a tender offer at a price of Rs. 180/- per equity share for an aggregate amount not exceeding Rs. 799.99 lakhs in accordance with the provisions of the Companies Act, 2013 and the SEBI (Buy-back of Securities) Regulations, 1998. The buyback was successful and fully subscribed (214%), and was able to reward minority shareholders in a meanigful manner. The Promoters did not participate in the buyback.

Your Company has further invested in product development in the textile industry with the hope to cater to more customers in the international as well as domestic markets. The company has also invested further in the Finished Products division, making an expansion in this area.

During the year 2017-2018, the Government of India took several initiatives to boost Indian Economy. India has registered a healthy growth rate of 7% due to Government’s continuous efforts to push various financial and agricultural reforms including technological upgradation across all sectors. The biggest economic reform was GST which enabled the country to move towards ‘One Nation, One Market and One Tax.’ This single economic reform provided a big boost to a largely unorganized textile sector. Your company has been able to comply successfully with the new GST regulations and was able to complete implementation smoothly.

While we applaud the government on this new initiative and see a significant benefit for the country over the long run, it presents challenges to the Export community. The Drawback structure stands to be revised, and input costs have seen an upward revision. We believe that various representations to the Government will yield results and all anomalies will get addressed. The company is also going to be moving to a new accounting standard Ind-AS, as per the regulations.

I would like to extend my gratitude to all my fellow board members, shareholders, customers, vendors, bankers, suppliers and employees of the Company for their unstinted support. I take this opportunity to thank everyone who has contributed to deliver the performance in fiscal ‘2018 and thank them for their belief.

Regards,

Pankaj Seth

Chairman & Managing Director