I deem it as a privilege to welcome you all, on behalf of the Board of Directors and the Management Team of Control Print Limited, to the 26th Annual General Meeting of the Company.
The Company’s Annual Report and Audited Accounts for the year ended March 31, 2017, have been with you for some time now and with your kind permission, shall them as read.
I would like to begin by brief outline of the macroeconomic environment which prevailed in 2016-17 as it provides the proper contextual perspective for determining your Co’s performance during the year. Thereafter, I would like to present before you the highlights of your Co’s performance and the way forward for your Company.
The year 2016-17 was in many ways a landmark year as it saw two crucial macroeconomic developments with far reaching consequences. First was the decision to demonetise the currency notes of Rs. 500 and Rs. 1,000 denomination and second was paving the way for implementation of the Goods & Service Tax- the most comprehensive indirect tax reform. Both the reform measures are expected to have huge potential benefits in the medium to long term in terms of widening the tax base, fuelling economic growth, increased digitalization, among other impacts.
India’s Gross Domestic Product (GDP) at market prices grew by 7.1% in FY 17 as compared to 8.0% in FY16. While the slowdown was partly due to deceleration in economic activity following demonetisation, the impact, while largely anticipated, was modest and is likely to be short-lived. The impact was pronounced on the sectors such as construction, manufacturing, trade, hotels and transport, real estate and professional services etc. that employ significant numbers of informal workers.
In the year gone by Control Print has increased its turnover. Your Company has created a broad application and installed base with comprehensive range of Coding and Marking solutions. Besides this, efforts to provide customisation have won the Company a loyal clientele base. This confidence and trust that its customers have placed in the Company has stimulated its growth and broadened its horizons.
Your Company is India’s own coding and marketing manufacturer. The total income of the Company for the year ended as on March 31, 2017 is Rs. 14,804.18 lakhs which is higher by about 9.60 % over that for the previous year which was Rs. 13,507.37 lakhs, on account of considerable progress in various projects/activities, resulting in pre-tax profit of Rs.3,413.50 lakhs for the year as against the pre-tax profit of Rs. 3,198.23 lakhs for the preceding year.
The Board of Directors has recommended a final dividend of Rs. 3.50 per share for the year under review.
Your Company is committed to growing and enhancing its leadership in its business, thereby contributing to its underlined objective of maximizing of shareholders value on a long-term basis.
The year 2017- 18 could be year for India with most macro factors in place and the result of the government’s push to increase investments. India has been one of the best performing markets among emerging markets, and therefore should be able to attract capital through FDI as well as capital markets.
Your Company’s plant situated at Guwahati has commenced production of printers for various Coding & Marking applications from March 21, 2017. We expect economic activity to pick up from grass root levels and present more opportunities for coding business.
Coming to the first quarter of 2017-18, beginning April 1, 2017 the Company has for the first time adopted Ind AS with transition date of April 1, 2016 and accordingly quarterly result for the period April – June 2016 has been restated. I have pleasure to inform you that Total Income increase by 23.03% to Rs. 4525.17 lakhs as against Rs. 3506.94 lakhs in the corresponding quarter of the previous year. Profit after tax for the 1st quarter of 2017-18, increased by 73.12% to Rs. 857.85 lakhs from Rs. 495.53 lakhs.
We have the confidence to rise to the many challenges and to retain our market leadership position over the country and improve our competitiveness. We are committed to enhance the scale, competitiveness, efficiency and productivity of our business, benchmarked to global, world-class standards. We believe these commitments and beliefs will contribute to the successful accomplishments of all our future growth endeavours.
Before, I take up the listed items in the agenda for approval, on behalf of the Board of Directors, I would like to take this opportunity to thank you for your support that has enabled your Company to grow thus far. I would also like to thank all your Company’s loyal customers who gave us staunch backing and helped it to gain the statue it has. I express my gratitude to the Government of India, Reserve Bank of India (RBI), Securities Exchange Board of India (SEBI) and all other Statutory and Regulatory Authorities for their continued timely support and valuable guidance. The co-operation and support rendered by various State Government and other banking and financial institutions is also gratefully acknowledged. I would like to also express my sincere thanks to the Board of Directors of the Company who have dedicated themselves to improving the Company. Last but not the least, I would like to thank the workforce of your Company across levels, who have been dedicatedly working for better tomorrow. This enables all of us to look ahead with confidence that your Company will overcome the current challenges to emerge a leading player in the Coding and Marketing Business. With your continued support and best wishes, I am confident that we will achieve the pinnacles of success.
Yet again, I thank you for staying invested in Control Print Limited and taking time to participate in our meeting today. Your continued trust, encouragement and support are what gives us energy, enthusiasm, confidence and motivation to strive for better. I trust that I will see you next year to be able to share with you the progress that your Company will make in the ongoing financial year.
Thank you once again for your time and your continued patronage.