Dear Shareholders,
It gives me immense pleasure to share with you an update on the
performance of the Company for the financial year 2018-19.
There is no doubt that the business environment has been challenging in
the last financial year. Let me share with you the operating environment and the headwinds
the Company faced in a highly competitive market. The year started off on a positive note.
The first half of FY 2018-19 was in fact good. However, there were sudden and strong
headwinds in the second half.
During the year under review, your company has achieved total revenue
on standalone basis stands at Rs 7374.28 Lakhs (previous year Rs 7813.21 Lakhs),
operational revenue of the Company is reduced by 5.62% over the previous year on account
of general slowdown in the economy. Profit Before Tax and Total comprehensive income for
the period after tax stands as Rs 415.30 Lakhs and Rs 296.92 Lakhs as against Rs 599.66
Lakhs & Rs 421.91 Lakhs in the previous year. On Consolidated Level, total revenue of
the Company is Rs 12077.21 Lakhs against Rs 13215.67 Lakhs in the previous year. Profit
Before Tax and Total comprehensive income for the period after tax stands to Rs 784.34
Lakhs and Rs 566.24 Lakhs against Rs 985.82 Lakhs & Rs 706.23 Lakhs in the previous
year.
The uncertainty in the overall business environment has continued in
the current financial year as well. The conclusion of the general elections by re-electing
the same government should hopefully provide political stability. There have been certain
pathbreaking policies such as GST, RERA and ambitious programmes such as affordable
housing that hold significant promise for healthy growth of the building products industry
over the medium term. Going forward, I am confident of your Company's abilities and
competence to scout for opportunities amidst this volatility and drive the business
forward with focus and determination.
The company is clear on its focus to be a One Point Solution for our
customers for all their Building Interior & Furnishing requirements. To that end, it
is constantly increasing product offerings and creating depth in the existing product
categories to create an engaging shopping experience for customers.
I would like to thank all the employees led by its management team, for
their outstanding performance, unflinching dedication, commitment and contribution to
strengthening the Company. We are looking forward to continuing on our mission of
generating sustainable value for our stakeholders. I would like to express my gratitude to
all our stakeholders for their continuing faith in the Company. It is your trust and
commitment that enables our progress and encourages us to strive for excellence.
I would like to place on record my sincere appreciation to the Board of
Directors for their valuable guidance and support. I and my colleagues on Board place on
record our appreciation for support and guidance received from the Government, Stock
Exchange, banks, financial institutions and other regulatory authorities.
Best Regards
Digvijay Dhabriya
Chairman