Pearl Global Industries Limited, one of India’s largest listed garment exporters, manufacturing from multiple sourcing regions within India and countries within South Asia, has announced its audited financial results for the quarter and full year ended 31st March 2023.
Commenting on the performance Mr. Pulkit Seth, Vice-Chairman & Non-Executive Director, said, “Our outstanding performance in fiscal year 2023 is a testament to our robust global competitive advantage. We have skilfully leveraged our core strengths to achieve this sustained growth which was primarily driven by incremental orders from our existing customers and improved realizations from newly acquired customers.
Our presence across the global textile value chains in Asia has helped us cater to our global clients effectively, utilizing our global capacities and mitigating uncertainties by leveraging our facilities in different markets. Some of our key new initiatives which are at different stages of implementation, such as exploring near shore manufacturing opportunities in Central America and setting up new division to build a licensing & branding division in North America will further propel our growth trajectory. These are new initiatives while we continue to target growth in all our key operating countries where we have strategic alignment with new clients.”
Commenting on the performance, Mr. Pallab Banerjee, Managing Director said, “I am pleased to announce that we have achieved record-breaking revenues accompanied by a healthy profit. The improved profitability is on account of the consistent improvement in operations and operating leverage playing out from the existing factories and the greenfield factories in Bangladesh. While the business outlook continues to remain challenging amidst higher interest costs and higher inflation rates, we remain confident to sustain a 15-20% compounded annual growth rate over the next 3-4 years. To navigate the challenges pertaining to the uncertain business environment, we are setting a stringent risk governance framework to hedge against sudden increase in raw material prices and interest costs. This shall help us in keeping our profitability intact.”