Vishal Fabrics Ltd

Dear Shareholders,

I am delighted to share with you the Annual Report for 2023-24. Reflecting on the past year, I feel immense joy and pride in our journey together. With over thirty five years of expertise, Vishal Fabrics Limited remains true to our core values of excellence, innovation, and sustainability.

This past year has been a rollercoaster for the global and Indian textile markets, filled with challenges and transformations. Supply chain disruptions, rising raw material costs, geopolitical tensions, and climate concerns have tested us all. Yet, the textile industry has shown incredible resilience, driven by a renewed focus on local manufacturing, sustainability, and technological advancements. Despite economic uncertainties, the Indian textile market has thrived, thanks to government support and increased exports, setting the stage for future growth.

Our company faced significant challenges this year, impacting both turnover and profitability. Market volatility, supply chain disruptions, and fluctuating demand posed hurdles. But these challenges have only strengthened our resolve to adapt and innovate. We are doubling down on sustainability initiatives, leveraging digital technologies, enhancing product innovation, optimising supply chain efficiency, and staying in tune with changing consumer preferences to remain competitive.

To stay ahead in the denim manufacturing sector, we are making strategic investments to enhance our production capabilities, drive innovation, and expand our market reach. We are focusing on cutting-edge production technologies, bolstering our sustainability practices, and continually developing high-quality, products that cater to evolving consumer tastes. With our expertise and resources, we are committed to reinforcing our position as a leader in the denim industry.

This year we have demonstrated resilience and perseverance, thanks to our effective strategies and dedicated team. By embracing technology and sustainable practices, we are continually innovating to streamline our manufacturing process and enhance our offerings.

Analysing customer and competitive trends has allowed us to explore new areas for expansion and gain a deeper understanding of local market conditions. This insight has enabled us to expand our product line and conduct extensive market research, ensuring we stay ahead of ever-evolving consumer preferences. Our commitment to environmental stewardship is unwavering, as we implement robust sustainability initiatives and embrace digital transformation to enhance manufacturing efficiency. By revamping our strategies, we aim to strengthen our market presence, attract a broader customer base, and drive sustainable growth.

We are deeply committed to reducing our environmental footprint through waste reduction, recycling, and energy conservation measures. Our installation of an online monitoring system for SPM at our plant, as part of our GPCB ETS project, exemplifies our dedication to controlling pollution from boiler fuel gas. Our ESG strategy encompasses core commitments to social and governance dimensions, ensuring transparency, accountability, and ethical decision-making across the organisation to enhance stakeholder trust. We firmly believe these strategic actions will pave the way for a more sustainable future.

Looking ahead, our unwavering commitment to quality, innovation, and strategic alliances will drive sustainable growth and profitability in an evolving market. Our key priorities for the upcoming year include expanding our market share through strategic investments, enhancing sustainability initiatives, and diversifying our product offerings to meet changing consumer needs. By improving operational efficiency and focusing on profitability, we aim to elevate our financial performance and solidify our position as an industry leader.

Before concluding, I want to express my heartfelt gratitude to our shareholders for being an integral part of our journey. Your unwavering support is invaluable, and I humbly seek your continued patronage as we move forward.