It gives me great pleasure to share with you an update on the overall performance of your Company. In a challenging external environment, your Company performed well and delivered another year of profit. Simultaneously, we recognized the need for responsible growth and focused on creating greener and more efficient manufacturing with cleaner fuels, more efficient energy consumption and lesser generation of waste.
Our agrochemicals industry will play a pivotal role in driving food security for India, which is on its way to replace China as the world''''s most populous country. With dwindling land under cultivation and an alarmingly lower portion of that under irrigation, the need to increase farm productivity with efficient use of plant nutrients and protection is pressing. Educating our farmers on modern agronomic practices and empowering them with effective and affordable crop protection and nutrition solutions is the need of the hour. Also, the focus must be on increasing availability of high quality products and restrict the production and sale of spurious chemicals. There is also a growing need to increase investment in R&D to develop products that will enhance the farms productivity.
I am glad to inform you that your Company continues to perform well on a sustained basis. Your Company achieved a turnover of Rs, 61,219 Lacs registering an increase of about 35.41% over previous year turnover of Rs, 45,211 Lacs and earned a Profit before Tax (PBT) of Rs, 8,370 Lacs and Profit after Tax (PAT) of Rs, 5,444 Lacs.
Considering the consistent profits being made by the Company, your Directors have recommended a dividend of Rs,1.50 (i.e. 15%) per equity share for the financial year 2016-17.
Before I conclude, I would like to place on record my appreciation to all my colleagues on the Board, past and present, for their valuable contribution in the growth of the Company. Finally, I would like to thank you, our valued shareholders, for your unwavering support in our journey to deliver value to all our stakeholders.
Thank you, ladies and gentlemen.
SAT NARAIN GUPTA Chairman & Managing Director