We have adopted a multi-dimensional approach to sustainability. We look at
sustainability from a business perspective, from an Earth mindset and a community angle
– three pillars that allow us to create a sustainable ecosystem.
It gives me great pleasure to share my thoughts after another eventful year of good
progress. We continued our growth momentum through a year that was relentless with
unprecedented inflation primarily due to geopolitical strife and supply chain constraints
resulting in a rising interest rate regime. Yet, continuous upheavals notwithstanding, we
recorded good growth across all our business segments.
Our robust performance resulted from the teams' relentless focus on execution. We
reinforced our core strengths and further widened and deepened our capabilities. These
intangible investments have also facilitated in ending the year with a healthy order book
position that enhances the energy levels within the organisation to sustain our progress.
Sustainability, a compelling mandate
While nature continues to provide everything we need, if we continue to do things the
way we do it today, someday, very shortly, these resources will be completely depleted.
Because what nature provides is finite. In this context, sustainability signifies
providing for the present needs without compromising the needs of future generations.
Climate change and sustainability have become fundamental to every company's long-term
relevance due to rapidly altering perspectives worldwide. Therefore, embracing and
integrating sustainability principles into the business edifice has become a compelling
business case. When that happens, the natural fallout will be that a new business model
will emerge, new societal and environmental performance benchmarks will emerge, and
valuation criteria will stand redefined.
For instance, in the textile industry, for as long as I can remember, the textile
fraternity talked about the fibre-to-fabric model. Today, conversations veer around the
fabric-to-fabric strategy. The growing awareness about problems emerging from dumping of
used garments has transformed the dialogue. And recycling fabric has emerged as the
immediate mandate. As stakeholders' expectations focus more on sustainable development,
companies must embrace this paradigm shift to create value.
At LMW, embracing sustainability in its completeness has been accorded the highest
priority. It is the critical filter that has and continues to guide our business
strategies.
We have adopted a multi-dimensional approach to sustainability. We look at
sustainability from a business perspective, from an Earth mindset and a community angle
– three pillars that allow us to create a sustainable ecosystem holistically.
Sustainability at the Business level
The Government's thrust on an industrialised nation through investment-inducing
policies such as ‘Make in India' and ‘Atmanirbhar Bharat' has widened the
opportunity matrix significantly, resulting in healthy volumes for all business sectors,
including ours. The promising outlook has mandated a change in our business operations.
Embracing the tenets of Industry 4.0 in earnest, we are working to transform ourselves
into a Smart Enterprise.
Additionally, we have sharpened our focus on diversity – in products and markets.
We continue to align our product portfolios in every business vertical against the dynamic
market environment to expand our sectoral bandwidth. We are also working on expanding our
geographic presence across high-growth markets globally. These strategies should serve as
essential growth levers over the foreseeable future.
Sustainability of the Earth
Attaining net zero for India and the planet will be possible only if companies reduce
their carbon footprint. At LMW, I am proud to state that we have prioritised and
implemented initiatives to start reducing our carbon footprint years ago.
While this showcases our unwavering commitment, we realise we need more. We are going
deeper into our product lifecycle to unearth opportunities to design better, manufacture
and package our products.
It is very satisfying to mention that our foundries have received the GreenCo Platinum
Certification. This watermark is a strong vindication of our efforts in reducing our
carbon footprint.
We believe that we have only scratched the surface. The journey ahead is long and
arduous. Nevertheless, we remain steadfast in our commitment to sustain a world that is
better than what we received from our peers.
Sustainability of Communities
It becomes the responsibility of every corporate to make a concerted effort toward
uplifting underprivileged communities. In this regard, LMW is also doing its best to not
only improve the lives and livelihoods of fellow Indians but also add value to it. We
remain determined to increase our outreach programs to ensure that we touch lives
positively.
In the future
At LMW, there is considerable activity.
We will continue to work towards creating a digitally connected organisation wherein
the plant and people's operational efficiency will scale to an entirely new level.
We will revisit our existing systems and processes to embed sustainability across the
organisation's business system and processes. It will make us leaner, fitter and more
robust to respond to the dynamism of our increasingly challenging business ecosystem.
We will intensify our efforts to utilise our digital assets better to reach out more
efficiently and effectively to our prospective customers worldwide.
Acknowledgement
I thank the Board for their continued support and guidance. I sincerely thank our
employees, our most precious assets, our customers for their undeterred trust in our
brand, our Shareholders for their continued faith and all our stakeholders, namely
vendors, government authorities and the local community, for their continued support. This
synergy navigates us ahead, motivates us to exceed stakeholder expectations, and remain
value driven.
With a strong foundation, we will continue executing our strategic priorities and
accelerating our growth momentum.
Regards,
Sanjay Jayavarthanavelu
Chairman & Managing Director