Message from Chairman & Managing Director
Dear Shareholders,
I am writing to you with a comprehensive update on our company's performance for fiscal
year 2023-24. As we reflect on the results, it is essential to address both the challenges
and the strategic responses that shape our path forward.
This year, our turnover has decreased compared to the previous year. The primary factor
contributing to this decline has been the lower and irregular production activities at our
manufacturing unit located at Bathinda. This unit, unfortunately, faced significant
operational difficulties due to deteriorating machine conditions and high operational
costs. These issues ultimately led to the closure of this facility as it became
economically nonviable.
In addition to the challenges faced by this particular unit, our overall liquidity
position has been under strain. This financial pressure has impacted our operations and
further contributed to the reduction in revenue. The textile industry, known for its
inherent volatility and typically low margins, has compounded these challenges.
Despite these obstacles, I want to assure you that our commitment to navigating these
tough times is unwavering. The textile sector, while currently volatile, presents
opportunities for recovery and growth. Our management team is actively working on
strategic initiatives designed to stabilize our operations and enhance our competitive
edge. We are confident that with a renewed focus on operational efficiency coupled with
reduction in debts, our company is well-positioned to rebound from this period of
difficulty.
Looking ahead, we remain optimistic about the potential for growth and profitability.
Our strategic efforts are aimed at leveraging market opportunities and ensuring that we
can emerge stronger and more resilient. I extend my sincere gratitude to our shareholders,
employees, customers, and partners for their unwavering support during these challenging
times.
Thank you for your ongoing trust in our company.
Sincerely,
Adish Oswal
Chairman & Managing Director.