Pearl Global Industries Ltd

At the outset, I am delighted to share that Pearl Global has achieved remarkable milestones in terms of expansion and financial strength, showcasing our strong strategy, outstanding execution, and unwavering resilience. Our outstanding achievements were characterised by sustainable sales growth, addition of new marquee customers, and manufacturing capacity expansion, a growth in shipped products, and record-breaking EBITDA. Despite facing various challenges, our team has displayed exceptional determination and perseverance, contributing to our continued success.

Our unique heritage, defined by our continuous innovation and stylish apparels, consistently guides our creative efforts season after season. We are dedicated to showcasing this heritage and our exceptional manufacturing capabilities, while maintaining a vigilant approach that aligns with the current global context. Our purpose is to offer products made with great attention to detail, beautiful designs, and quality materials. Our products are made with a great sense of responsibility, considering their social and environmental impact.

In 2023-24, India's economy demonstrated remarkable growth, despite challenges. It surpassed the earlier expectations with an expected growth rate of 7.6%. This was supported by a combination of stringent policy and regulatory measures, coupled with the gradual resurgence of the private sector. Positioned on the brink of further economic advancement, the country is propelled by substantial investments in emerging sectors, continued Government spending, and efficiency gains driven by upgrading digitalisation and infrastructure. While the fashion industry may face some challenges in demand, we firmly believe that a resurgence is on the horizon. Guided by these promising indicators and the strategic initiatives we have implemented, we are poised for sustainable growth in the coming year and beyond.

The growth and transformation of our industry are shaped by various fundamental and long-term macro drivers and opportunities. Our proactive approach has been instrumental in achieving exceptional growth, supported by high-quality innovations and precise cost control measures. We have made significant reinvestments in our strategies and capabilities to enhance our ambitions and drive improved profitability.

At the heart of Pearl Global is our commitment to partnership and ownership, empowering individuals to seize opportunities and cultivate a culture rooted in our cherished values. We embrace the core pillars of Trust, Transparency, and Teamwork. Trust forms our foundation, Transparency fosters open communication, and Teamwork drives our collective success. These pillars guide our actions, shaping a culture of collaboration and reliability.

We offer our products through the best customer experience, ensuring that when people visit us, we give them quality at par with the confidence they place in us. We want our products to be appreciated by end-customers for the personal touch and affection that each of our designers, pattern makers, sales teams, buyers, suppliers, and employees put into them. All these factors make our business possible. We believe firmly that our customers value this commitment, and we work tirelessly to honour this very special relationship.

Our people are the driving force behind our achievements. We believe that their collective talent, creativity, and dedication are the cornerstones of our success. By fostering an inclusive and empowering work environment, we enable our employees to reach their full potential and contribute meaningfully to our goals.

Our team comprises both manufacturers and retailers, and we have a diverse customer base. Our Board of Directors stand at the forefront of our organisation, driving value-accredited growth not just to the business but to every stakeholder in our value chain. We have in place a strong leadership team that guides our path towards sustainable growth. We have onboarded Dr. Rajiv Kumar, Mr. Sanjay Kapoor, and Mr. Ashwini Agarwal as the Non-Executive Independent Directors. They bring in rich experience in their respective field and their guidance will surely help the Board and our Company in achieving the goal we have set forward for the next three-to-four-year period. We also extend our deepest gratitude to Mr. Anil Nayar Mr. Rajendra Kumar Aneja, and Mr. Chittranjan Dua for their invaluable contribution towards our Company during their tenure as Independent Directors.

At the same time, we have prioritised investments in our social and environmental commitments. This aligns with our objective of achieving responsible growth and creating shared value for all stakeholders. These efforts demonstrate our dedication to sustainable practices and our commitment to positively impacting the broader community while pursuing our growth objectives. We are as excited and unwilling to settle as ever. We want to do everything within our power to make a positive difference in the future. The magic at Pearl Global pushes us to continue to do better, achieve more milestones and push our boundaries.

I would like to share our vision for the future. We will focus on financial discipline to avoid excessive leverage and ensure the strength of our profit and loss, cash flow, and balance sheet. We must foster an entrepreneurial mindset within our organisation, with actions speaking louder than words and embodying the principle of ‘walking the talk.' We need to build strong foundations through continuous innovation in design, operational excellence, and digitisation, while adhering to the basics. Collaboration is paramount, as a united ‘we' will always surpass an individual ‘I.' Embracing openness, merit-based decision-making, and a belief in our people is crucial to our culture and values. Encouraging autonomy and freedom, while building trust as the cornerstone of our relationships, is essential.

Recognising the importance of family and social connections is vital to our overall well-being. At the same time, we understand that discipline, hard work, values, and a healthy lifestyle are essential for business and professional success. To achieve these objectives, we need to establish strong foundations. This includes compliant capacity, customer dependency, credit, compliance, currency, cost, inventory, trust, transparency, and teamwork. These building blocks will support our growth and success.

I extend my heartfelt gratitude to the members of our Executive Committee and the exceptional teams within our organisation for their passion and energy throughout the past year. I am deeply thankful to my esteemed colleagues on the Board for their steadfast commitment and invaluable guidance. This is more so as we navigated the challenges of a predominantly virtual working environment while addressing a demanding agenda. On behalf of the entire Pearl Global family, I would also like to express our sincere appreciation to our shareholders, customers, bankers, and all our business associates. Your support has been instrumental in our success, and we deeply value the trust and partnership we have built together to strive for excellence and achieve our shared goals.