It is a pleasure to connect with you through this communique. Your Company endured and
overcame several challenges of a rather tough year. Though our performance for the year
was impacted, our stability was reinforced. Our topline was almost at the same level as
the previous year but our bottom line was halved.
Amidst all the negative euphoria, there were two essential positives.
One, our effort to foster relations with customers -- existing and potential -was
particularly heartening. We went above and beyond to connect and engage with them. It is
these relationships that, sooner than later, would yield desired returns.
Two, in the face of a hostile business environment, we sustained our planned
investments in both business verticals. We invested about Rs. 410 crore in FY23.
As the winds of change usher in positive demand trends, we will be ready to capitalise
on growth opportunities with enhanced capacities and superior capabilities.
I am optimistic that good times will resurface because what we experienced in FY23 was
not a cyclical downturn but a blip caused by geopolitical considerations.
While the world remained consumed with negative considerations, from the armed conflict
between Ukraine and Russia, most nations today (more than a year hence) have worked around
the adversities and moved on. Most developed nations are back in business.
For the textile sector, I expect that the structural shift, which I had briefly touched
upon in my earlier message, will gain momentum over the next 12-18 months. When that
happens, it will proliferate growth opportunities for the Indian textile sector.
Aligned with this belief, we are bracing ourselves for the big leap. We have drawn a
roadmap for the Company titled Vision 2030 which projects our strategy beyond 2024. While
the finer nuances of the blueprint are being refined, I wish to give you a brief overview
of our plans.
We have listed the projects to be implemented and bucketed them for product, location,
and timeframe.
We will be increasing yarn capacity with a special focus on value-added yarns. These
could be a combination of brownfield and greenfield projects which will unfold as we
finalise the details of the project blueprint.
We are debating scaling the value chain from fabrics to garments for our denim
division, which would positively impact our profitability. Further, we are also
contemplating a considerable increase in our knitting capacity over the medium term.
We have decided to revamp our R&D facility to a world-class facility that inspires
creativity and product development. Also, we have ideated on the sectors, product lines,
and products to be developed over this period.
We have strategised to increase the deployment of cutting-edge IT solutions that will
streamline our processes, facilitate faster and knowledge-backed decision-making and
enhance the overall quality of our business. For this, we will make significant
investments in making our IT infrastructure more robust and reliable.
We realise that commitments to causes like climate change and sustainability have
become pivotal factors for our long-term success. We will intensify our investments in
sustainability strategies and technologies to reduce our carbon footprint.
The idea is to see a multi-fold growth in the Company's topline by the end of our
ambitious plan, accompanied by a healthy rise in profits and profitability.
We will focus on long-term growth, the ultimate measure to generate value.
To achieve this, we will strengthen our competitive advantages, be disciplined in
capital allocation, and stay diligent in our pursuit of efficiencies.
My focus will be hooked on enhancing the quality of our business. It means all aspects
of our business should be of high quality, whether related to product, service, or any
interaction with stakeholders.
In closing, I take this opportunity to thank all our stakeholders for their continued
support. Finally, I sincerely thank RSWM's exceptionally talented and hardworking team for
their relentless pursuit of improving RSWM, daily. As we continue to dream bigger,
challenge norms and do better, I look forward to your continued support.
Warm regards
Riju Jhunjhunwala
Chairman & Managing Director and CEO