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I would like to take this opportunity to welcome you all once again. This is the second year of the company in its new status as a listed entity and the first year of full operations after it was listed during last financial year.
Your support and confidence in us is integral to our achieving the vision of your company being a "Maritime Masterpiece".
The last year has been a year of enormous turbulences and upheavals in the world markets and economy, which has shaken even the best. However the strategy laid out by your company has helped it to not only take big strides forward but also set up the stage for the future to take care of any further such trends.
Ever since our inception we have steadily been expanding our capacity, capability and businesses and the past year has been no exception despite significant challenges in the market and economic conditions. Last year I had informed you about the infrastructure facilities, the material handling equipments and the new terminal being constructed.
Further to that it gives me pleasure to state that the mechanisation of fertiliser / FRM, steel and coal handling has been achieved. The online bagging of fertilisers, the Goliath crane handling of steel plates and pipes as well as fully mechanized coal handling system are all steps towards better efficiency making the port one of its kind in the private sector. Under overall port limit, in
The master plans for complete development of the unique and the only port to have a 40 km waterfront in
The Outside–in focus which I mentioned last year has enabled all the three business verticals to show significant developments. The port business has grown significantly. During the year the three notified areas have been combined into one multi product SEZ. Nine units have been given permission to set up their manufacturing and service facilities during the year in the SEZ. On the infrastructure development front, several entities have been approved as co–developers for setting up hotels, hospitals, schools and other infrastructure facilities. Moreover water treatment plants and water and power distribution network has been set up. The logistics business also has made its own special mark as a quality total logistics solution provider.
On the performance front, I am pleased to mention that the revenues have shown an increase of 38.73%, registering total revenue of over Rs.1135 crores; the profit after tax has risen by 116% to Rs. 461.08 crores, EPS is at Rs.11.51. Cargo volumes have improved across all business segments –cargo handled rose from 28.80 million tons in 2007–08 to 35.72 million tons in 2008–09 which shows a growth of 24.03% year on year
We have seen a meltdown all over the world not just of economies but also equally in corporate governance matters. However I believe that the high standards of corporate governance and transparency being practiced by us, adhering to the best industry practices sets us apart.
The management has a vision of Pan
We have also taken a host of quality, health safety and environment (QHSE) initiatives which are at the very core of the port business.
The Group is very conscious about its values. Our commitment to achieving goals as well as our value driven processes are our core strengths. The group always acts as a responsible corporate citizen. The Adani Foundation plays a pivotal role in bringing about sustainable development in and around its area of operations. The Group aims to enhance the quality of life of the surrounding communities. We have initiated the process for rural underground drainage system, free health check ups, initiatives to develop the girl child, better sanitation, ITI upgradation in Mundra.
The Group also endeavours to create Institutes of excellence in various fields of higher education and with that sin mind has ventured to establish a medical college at Bhuj as a Public Private Partnership Project. I am happy to inform you that we have obtained necessary government approvals and completed all required formalities for starting the medical college from August 2009 with total intake of 150 students in the 1st year MBBS for the academic year 2009–10. Adani Institute of Infrastructure Management (AIIM) will also commence this year.
The management is committed to high standards of operation and hence has further strengthened the management set up and has appointed a whole time director with vast experience to head the operations and strategise the future. The hunt for the right talent is ever on and I am proud to say that we have some of the best talent in the industry with people who are committed and dedicated to the task and goals on hand and would help in achieving the vision envisaged.
I would like to express my gratitude to this huge family of shareholders, bankers, and investors for their unstinted support which strengthens our commitment of creating a sustainable long term value to all stakeholders. I am also thankful to the state and central governments who have also laid out pro development plans.
Our key values – trust, courage and innovation are well entrenched in all that we do. We believe that tough times don't last for long but tough people do. It gives me great pleasure when I receive appreciation letters from our dear members and when they assure their continued support in all circumstances.
And I still say that this is just the beginning
Gautam S. Adani