D. P. Mangal
Executive Chairman
Dear Shareholders,
It is yet another year that brings me this opportunity of connecting
with you through our 14" Annual Report on the Business & operations of your
Company. The year 2023-24 was a year of further strengthening our foundation by
introducing new product portfolio of the "Compact Cotton Yarn".
I am pleased to report that, your Company's Expansion Project for
installation of 41,472 spindles of 100% Compact Cotton Yarn at the cost of ? 218.00 Crores
with production capacity of about 34.35 tonnes Cotton Yarn per day has been completed
without any cost overrun and the Commercial Production has started w.e.f. 31"
January, 2024, two months before the scheduled date of Commissioning i.e. 01" April,
2024.
Your Company is receiving very good response from both overseas and
domestic markets for the "Compact Cotton Yarn". Capitalizing on this
opportunity, the company has expanded its presence by venturing into new overseas and
domestic markets.
Operational Excellence
Your Company has recorded highest ever revenue of t 43750.24 Lacs from
the operations in the current year as against t 30465.93 Lacs in the previous year, a
significant advancement of 43.60%.The increase in revenue during the year can be
attributed primarily to the commissioning of the Expansion Project, two months before the
schedule.
Your Company has registered Export revenue of 120463.15 Lacs in the
current fiscal year as against ? 13564.23 Lacs in the previous year, a substantial leap of
51 %. The Export quantum has recorded at 7889 MT in the Fiscal Year as against 4067 MT in
the previous year, a jump of 94%.The increase in exports were mainly led by robust demand
of cotton yarn after the first half of the fiscal year in international markets and
introduction of new range of products with the Expansion Project of 41472 spindles of
Compact Cotton Yarn.
>Technological Capabilities
Emerging technologies across industries are playing a critical role in
remaining relevant to business sustainability. As a result, we continue to invest in
technology to drive our operational excellence. We have always deployed latest machines
across our manufacturing operations that are automated to reduce the use of unskilled
manpower, improve the quality of our products and optimise power consumption.
Our Team
At LAGNAM, we are blessed to work with a talented pool of people across
all the departments. Their commitment and dedication through the thick and thin of the
organisational journey is appreciation worthy. We have consistently worked on improving
their skills through regular trainings and workshops. Besides, we have also worked on the
leadership building and overall motivational levels of all ouremployees.
Going Forward
Future is ever-changing and always evolving. Therefore, the best way to
stay relevant in an increasingly competitive space like Textiles is to continuously
challenge oneself to strive harder. At LAGNAM we have not built a culture to Succeed but
to Excel. In the past 14 years since our inception, we have not only established our name
and credentials in the field of "Cotton Yarn"; but more importantly, have also
established a culture of delivering perfect quality and customised quantity, while being
agnostic to the challenges.
Going ahead, we shall consolidate our existing products and capacities.
We will also continue to explore newer markets across the geographies. While we have grown
from strength to strength, we are further looking forward to build on this success and
continue creating sustainable value for our stakeholders.
I would like to thank my fellow board members, investors, bankers,
lenders, customers, vendors and all our employees for being a part of this wonderful
journey. We look forward to your continued support in the Company's progress going
forward.
Warm wishes,