It gives me great pleasure to share with you an update on the overall performance of the company. In a challenging external environment, the company performed well and delivered another year of consistent, competitive, profitable and responsible growth. In the year under review, we saw that the global economy continued to recover, albeit at a lower trajectory affecting prospects unevenly across regions. The sharp drop in oil prices in 2014-15 sustained through 2015-16, affecting the economy. US saw an improving labor market and started the journey of rate hikes. Continental Europe shows mixed trends even as many emerging market economies such as Brazil are under economic recession. China''s economy, in the midst of a structural adjustment, is also a concern.
In 2015-16, the total revenue of the company grew by 16.82% to Rs. 250.05 crores. The company has consolidated in domestic market and the business grew by more than 47% and growth in the export business was 8%. Profit after tax rose to Rs.12.15 crores from Rs. 9.39 crores. Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) before exceptional items climbed to Rs. 30.79 crores.
While 2016-17 has started well and business growth is expected to pick up, our plans are to some extent dependent on a healthy, growing economy. India is relatively well positioned compared to most other countries where the economy is growing by 7.6%. The Brexit development will create a major upheaval in international financial markets. India too will feel the effect to some extent but being relatively insulated, is better prepared to deal with the consequences.
I do not wish to list only problems and uncertainties because my personal view remains upbeat for good reason. There are many positive developments taking place across the broad economic, social, political and technological canvas of India.
The Central and State Governments are paying serious attention to the ease of doing business by simplifying bureaucratic procedures and relaxing controls which will benefit industrial and business activities while encouraging foreign investment. Passing of reforms like GST could give further impetus to India''s economic agenda. In short, the long term opportunities are good.
Stylam Industries Ltd.