Dear Esteemed Shareholders,
In FY24, PEL demonstrated remarkable resilience amidst challenges in the Indian
textiles and apparel sector, which is set to grow at a 10% CAGR, aiming for US$ 350
billion by 2030. This sector is vital to India's economy, contributing 2.3% to GDP, 13% to
industrial production, and 12% to exports, bolstered by robust cotton production and
strong exports totaling US$ 28.72 billion in FY24.
Our manufacturing capacity is strategically utilized to address the demand pattern of
various products while working towards maximizing profits. During the year, we produced
about 19,783 MTPAof SPFY, more than 15 million meters of braided laces, and about 1,339
million stitches of embroidery. Our enhanced capacities ensure we meet diverse market
demands with high- quality SPFY, versatile braided laces, and intricate embroidered
fabrics, maintaining precision and excellence across all products.
"Launching biodegradable yarns made from corn fiber, combining I durability with
eco-friendliness, I and introducing advanced I camouflage yarns for military apparel,
designed for maximum functionality and comfort."
One of our key developments for the year has been the introduction of biodegradable
yarns. These polyester yarns, made from corn fiber, offer the durability and versatility
of traditional polyester while degrading like natural libers. This makes them an excellent
choice for environmentally conscious consumers and aligns with global sustainability
goals.
We have also developed camouflage yarns specifically designed for military apparel.
These yarns are engineered to meet the rigorous demands of military specifications,
ensuring durability, functionality, and comfort in various environments.
Additionally, our thermal yarns represent another significant innovation, designed for
heat resistance and body heat retention.
Our vision for the Specialized Polyester Filament Yarns segment is to establish Pioneer
as a global player with a strong emphasis on sustainability. We aim to expand our product
mix and customer base by exploring new geographies and markets. This strategic expansion
will not only increase our global footprint but also diversify our revenue streams and
mitigate risks associated with specific market fluctuations.
Looking ahead, we are intensifying our focus on value-added segments within SPFY,
particularly in floor coverings, through innovative design and material advancements. We
are expanding into super specialty segments, including automotive fabrics, outdoor
fabrics, and athleisure garments, by developing high-performance materials tailored to
industry standards. Our commitment to sustainability is driving us to align with global
environmental standards, ensuring our products meet regulatory requirements and consumer
preferences.
We remain committed to transparency, sustainability, and excellence in all our
endeavors. As we continue on this journey,
I look forward to sharing additional milestones and achievements with you. On behalf of
the Board of Directors, I express our sincere appreciation for your unwavering trust,
confidence, and support.
With Warm Regards
Raj Kumar Sekhani
Chairman.