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It gives me great pleasure to be able to communicate with you through this Annual Report 2015-16 about the performance of your Company.
During the last year, the government launched a series of initiatives to revive and also boost the Indian economy. The focus included improving the infrastructure, roads and railways, ease of doing business, creating an investor-friendly FDI policy regime, banking reforms, as well as, targeting inflation.
During the year under review, the sales of passenger vehicles in India grew by 7 24%. Within the category of passenger vehicles, passenger cars, utility vehicles and vans grew by 7.87%, 6.25% and 3.58% respectively during FY16: over the same period last year. Over the last five years, the automobile demand in India has been improving on the back of numerous new model launches. Your Company has good prospects in future too as most of the OEMs manufacturing passenger vehicles in India, areour clients.
Your Company''s total Earnings before Interest, Depreciation, Tax and Amortization (EBIDTA) increased from Rs, 40.36 crores in FY15 to Rs, 52.06 crores in FY16, registering a growth of 20%. The Profit After Tax (PAT) increased by 26.93% to Rs, 15.27 crores in FY16 (from Rs, 12.03 crores in FY15). The earnings per share of the Company increased toRs, 10.91 fromRs, 8.59 last year.
In FY16, our total dividend pay-out wasRs, 2 per share includingRs, 1 per share proposed as the final dividend. It is always our endeavor to suitably share the improved financial performance of our Company with our shareholders. PPAP believes in integrity and honesty and has built and will continue to build strong relationship with all its stakeholders.
I am also happy to share with you that your Company was awarded the Certificate for “Improvement in Quality Performance” and Certificate of Appreciation for “Spares Schedule Adherence” by Maruti Suzuki India Limited. Besides this, your Company has also received the “Overall Best Quality Award from General Motors India and “Customer Back order Resolution Speed” Award from Honda Motors India.
Our journey on the sustainability front has continued with improved performance in governance, environmental protection and social responsiveness.
Your Company has always maintained and will continue to maintain high benchmarks for technology, quality and efficiency.
The coming year is full of better expectations. India''s Gross Domestic Product (GDP) is expected to expand by 7.9% in FY17 as compared to 7.4% in FY 16. All major sectors namely agriculture, industry and services are expected to contribute to the growth of Gross Value Added (GVA).The consequent increase in consumption is likely to continue through 2017. making it possible for India to sustain its position as the fastest growing economy. Going forward, PPAP is working towards growing more than the market and delivering stronger financial performance in FY 17.
Your Company is fully committed towards its social responsibilities. PPAP continues to focus on the areas of “Education” and providing “Infrastructure facilities to schools” for the under privileged children. Your Company has also taken the initiative for promoting computer education. Apart from this, your Company has also contributed for Chennai''s-“Flood Relief and Rehabilitation”.
I would like to take this opportunity to acknowledge the contributions, dedication and commitment of all our team members which has led to our success. My deep appreciation to all our business partners, vendors and business associates, for all their contributions for our smooth operations. Finally, a special thank you to all our stakeholders for your faith and encouragement over the past several years.
We look forward to your continued support in the years ahead and commit to better financial performance in future, as well.
Ajay Kumar Jain
Chairman & Managing Director