Dear Shareholders,

I am pleased to provide an overview of our company's performance and strategic initiatives over the past year. In the face of a challenging market environment, we have shown remarkable resilience, agility, and unwavering dedication to our vision. By prioritizing our relationship with our esteemed customers and delivering high-quality products at competitive prices, we have sustained a strong market position and look to continue our growth trajectory.

FY 2024 has been a year of notable progress for Bella Casa Fashion and Retail. We are pleased to conclude the fiscal year on a strong note, demonstrating the company's resilience and adaptability in navigating dynamic market conditions.

Industry Landscape

The Indian fashion and retail industry is experiencing a structural transformation, evidenced by the exponential growth of our key customers, driven by substantial investments from India's leading business conglomerates. The market opportunity for the company continues to expand, fueled by rising domestic consumption and a shift towards organized retail and e-commerce, transitioning from unbranded to branded products. We anticipate sustained growth in this high-demand phase, which will increase traction for vendors like Bella Casa. In this fast developing industry, our competitive edge lies in our robust design and execution capabilities, strong customer relationships, compliant manufacturing plants, and extensive industry knowledge, positioning us as the preferred vendor for major retail houses.

Key Developments

This year, our focus was on strengthening relationships with our esteemed clientele. I am delighted to share that we not only retained our key customers but also forged a strategic supply partnership with one of India's fastest growing value fashion retailer, ensuring robust growth prospects for the future. Additionally, we expanded into new product categories, including men's and kids' wear, complementing our flagship women's western wear. This expansion has enhanced our cross-selling opportunities with existing business partners.

Financial and Operating Performance

Regarding this year's operational performance, we achieved an impressive year-on-year volume growth of 50.1% in our apparel business, driven by strong demand for our offerings. In contrast, the branded home furnishing business remained at. On the financial front, the year was equally successful, with a healthy increase in our top line by 14.0%. Operating Profits and PAT also witnessed strong growth of 22.7% and 31.2%, respectively, underscoring our financial strength and operational efficiency. Furthermore, our operating profit margins expanded to 8.2% from 7.6% last year.

Poised for Growth

Building on our strong financial performance, we are well-positioned for future growth. With strong domestic tailwinds and a limited number of manufacturers with a track record like ours, the company is experiencing high demand that may soon exceed its existing capacity. Given this demand scenario, we are actively seeking strategic expansion opportunities to effectively capitalize on this long-term growth potential. Our strategic roadmap includes investments in the digitalization of production work flows through technology integration and process optimization to enhance operational efficiency. Additionally, we aim to realign our business resources from the working capital-intensive home furnishing business to the fast-growing apparel business.

Closing Remarks

Looking ahead, we remain committed to driving sustainable growth and delivering long-term value to our stakeholders. At Bella Casa, we believe our operational footprint in the high-potential Indian apparel industry is rapidly expanding. Given our robust execution capabilities and strategic initiatives, we are dedicated to working harder than ever to significantly improve our market share in this growing market.

As we reflect on our achievements this year, I would like to express our sincere gratitude to our employees, leadership team, and other stakeholders for their unwavering support and confidence in our capabilities. Your confidence in Bella Casa has been instrumental in driving our success. A special acknowledgment goes to our Board of Directors for their guidance and strategic insights, steering the company towards new opportunities and sustained growth. Your collective contributions have been invaluable in our journey, and we look forward to another year of outstanding performance, fueled by our collective pursuit of excellence.