Dear Shareholders,
I am thrilled to present the 38th Annual Report for FY
2023-2024, marking another year of signi?cant achievements and progress for our company.
"Innovation: Empowering Future by Enhancing Sustainability," encapsulates our
commitment to driving forward-looking initiatives that merge innovation with sustainable
practices.
Throughout our journey, we have continually gained invaluable insights,
cherished memorable milestones, and celebrated remarkable successes that have deeply
satis?ed our customers. Our unwavering dedication to delivering high-quality products has
earned us the trust and loyalty of our clientele, a trust for which we are profoundly
grateful. We are humbled by the con?dence placed in us and remain committed to
consistently surpassing expectations.
India's extraordinary resilience amidst global uncertainties is a
source of inspiration for us. The country achieved a commendable growth rate, solidifying
its status as a leading global economy. In parallel, the global textile industry has
witnessed substantial growth driven by evolving fashion trends, rising disposable incomes,
and increasing consumer consciousness towards sustainable and eco-friendly clothing. The
rapid adoption of e-commerce for apparel purchases further underscores this dynamic shift.
In this context, JWL has strategically positioned itself to capitalize
on emerging opportunities within the textile sector. India's textile and apparel
industry, valued at USD 172.3 billion in 2022, is projected to grow at a CAGR of 14.59% to
reach USD 387.3 billion by 2028, according to IMARC. This growth is fuelled by rising
demand for high-quality clothing, government schemes supporting weavers, and the growing
preference for ethically sourced materials.
JWL remains committed to leveraging these opportunities by focusing on
delivering superior products and integrating sustainability throughout our value chain.
Our global presence in the textile industry has been strengthened by our continuous
efforts to innovate and produce environment-friendly products. With three decades of
experience, we are now exploring new, pro?table opportunities in emerging markets,
particularly in the realm of two-wheeler electric vehicles (EVs). This strategic shift
from a B2B to a B2C business model is supported by our dedicated team of experienced
automotive professionals.
Our global presence in the textile industry has been strengthened by
our continuous efforts to innovate and produce environment-friendly products. With three
decades of experience, we are now exploring new, profitable opportunities in emerging
markets, particularly in the realm of two-wheeler electric vehicles (EVs).
Our vision is to become the fastest-growing electric two-wheeler brand
by the end of FY 2024-2025, driven by the quality and trust our products offer.
Looking ahead, we remain focused on implementing our strategic plans
with an emphasis on growth, ef?ciency, innovation, and sustainability. We are actively
pursuing both organic growth and strategic acquisitions to build a solid foundation for a
prosperous future. Our goal is to optimize pro?tability while maintaining a sustainable
and responsible approach to business expansion.
As we conclude another successful year, I express my deepest gratitude
to our employees, whose dedication and hard work have been crucial to our company's
progress. I extend my sincere thanks to our esteemed Board members for their unwavering
commitment and to our stakeholders for their continued support and trust. I also welcome
future associates to join us in our journey towards success.
Together, we can shape a prosperous future ?lled with achievements and
mutual growth. The best is yet to come, and we are excited about the future we are
building through innovation and sustainability.
| Best Wishes, |
| Dr. Yamunadutt A. Agrawal |
| Chairman and Director |
| Jindal Worldwide Limited |
message from the Vice-Chairman & managing director
Dear Shareholders,
It has always been a pleasure and privilege for me to share my thoughts
with you at the end of the Financial Year 2023-24. In a year marked by economic
uncertainty, our dedication to operational excellence shone through. We embraced
innovative technologies and simpli?ed our processes, achieving notable improvements in
ef?ciency.
Financial Performance of the Company
The ?nancial year 2023-2024 presented a series of economic headwinds
that impacted our ?nancial performance. While we experienced a dip in revenue compared to
the previous year, this was primarily due to the volatility in raw material prices and
supply chain disruptions. Additionally, global market uncertainties and ?uctuating demand
patterns contributed to the decline. However, our prudent ?nancial management and cost
optimization strategies have mitigated these impacts, allowing us to maintain a stable
position.
Key Operational Highlights and Achievements
Manufacturing: This year, we made signi?cant strides in enhancing our
manufacturing capabilities. We invested in state-of-the-art technology to modernize our
production lines, in terms of digital printing machines resulting in increased ef?ciency
and reduced environmental footprint. Our commitment to sustainable practices has also led
to a substantial reduction in energy consumption and waste generation.
Marketing and Customer Acquisition: In the realm of marketing, we
launched several new products that have been well-received in the market. Our innovative
approach to customer acquisition, leveraging digital platforms and data analytics, has
enabled us to reach a broader audience and strengthen our brand presence. Notably, our
recent campaign for the new eco-friendly fabric line has garnered signi?cant attention,
driving both sales and brand loyalty.
Outlook for FY25: Challenges and Opportunities
As we look towards FY25, we anticipate a mix of challenges and
opportunities. The evolving market dynamics and ongoing geopolitical tensions may pose
risks, but they also present opportunities for innovation and growth. We see tremendous
potential in expanding our sustainable product offerings and tapping into new markets. Our
focus will be on agility, innovation, and sustainability to navigate these challenges
effectively.
Our innovative approach to customer acquisition, leveraging digital
platforms and data analytics, has enabled us to reach a broader audience and strengthen
our brand presence.
Strategy for Growing Denim and Fabric Business Verticals
To drive growth in our denim and fabric business verticals, we are
implementing a multifaceted strategy. This includes investing in advanced manufacturing
technologies to enhance product quality and ef?ciency, expanding our product portfolio
with innovative and sustainable fabrics, and strengthening our distribution network. We
are also forging strategic partnerships to enhance our market reach and leverage new
opportunities in the global market.
Progress on the EV Vertical
Our foray into the electric vehicle (EV) sector will be a signi?cant
milestone. We are on track to launch our ?rst line of EVs next year, and our preparations
have been met with enthusiasm from both consumers and industry experts. We are committed
to driving the growth of this vertical with a clear blueprint for expansion, focusing on
innovation, quality, and sustainability. Our roadmap includes expanding our product range,
increasing production capacity, and exploring international markets.
Gratitude
I would like to extend my heartfelt gratitude to our Board of Directors
for their invaluable contributions and leadership. My sincere thanks also go to our
dedicated team, whose relentless efforts have been instrumental in our achievements. I am
deeply grateful to our customers, the Government, and all our stakeholders for their
continued trust and support.
As we venture into the future, I am excited about the prospects of
forging new partnerships and collaborations, while strengthening our existing
relationships to create value for all stakeholders.
| Yours sincerely, |
| Amit Agrawal |
| Vice-Chairman & Managing Director |
| Jindal Worldwide Limited |