Dear Stakeholders,
A very warm welcome to the 28th Annual General Meeting of your Company. We
have uploaded our Annual Report for FY23 on the stock exchange and Company's website and
it has been circulated to the Shareholders as well. I hope everybody had an opportunity to
go through the same. We have tried to lay out the business performance and outlook of the
Company with an aim to help you to gain insights on the future strategies and way forward
of your Company.
The Company has developed its licensed brand "ORIJEAN" multifold. We also
have entered into NDA with Globe Denwash Private Limited for investment subject to proper
due diligence. The key factor behind the growth of every organization is expansion.
Inflation is expected to remain elevated for the foreseeable future, driven by war-
induced commodity price increases and broadening price pressures. Additionally, the
anticipated increase in interest rates by Central Banks in the coming year is also
expected to lower growth. In these circumstances, the ability to successfully navigate
cost pressures would have a significant bearing on the overall performance of your
Company. Inspire of headwinds, Globe is certain for steady progress.
Coming to the performance of your Company, the financial performance in FY 2022-23 was
steady. Despite challenges in the global economy, the revenue of the Company stood at Rs.
399.42 crores as compared to 383.42 crores in previous year. Net profit of the company was
slightly declined and stood at Rs. 4.51 crores as compare to Rs. 5.14 Crore in the
previous year. The profitability and working capital management have helped the Company in
generating cash flows.
On the CSR front, the Company continues to engage with communities through CSR
activities of eradicating hunger, poverty and malnutrition, promoting preventive health
care and sanitation, promoting education, including special education and employment
enhancing vocation skills especially among children, women, elderly, and the differently
able and livelihood enhancement projects. The Company has spent Rs. 10.00 Lakhs in FY
2022-23.
I wish to place on record my sincere gratitude towards our Board Members for their
constant guidance and support in our pursuit of maximizing long-term shareholder value. I
would also like to thank all our shareholders, members, customers, dealers, vendors and
banks for believing in us and supporting us throughout our journey. Last but not the
least; I would like to acknowledge the passion, dedication and commitment of our
employees.
As I close, I would like to take this opportunity to thank you all for your continuous
support and faith in the Company and its management. We shall endeavor to scale newer
heights as we continue on our journey ahead.
Thank you!
Warm regards,
Bhavik Suryakant Parikh
Chairman & Managing Director