Dear Shareholders,
As we return back to normalcy after devastating impact of Covid for the
year 20-21 and 21-22, there are still after effects which impacted business environment.
The Government of India and State Governments have taken several steps to mitigate and
prevent the health and life risks arising out of such situation. I hope you and your
families are safe during such and taken the Covid doses as prescribed by Government. I
would like to thank the entire family of Garment Mantra for everything that you have done
to manage and the resilience shown to manage personal life and family and also to serve
the company for its success. I would like to assure you that your Company has proved its
strength in time and again for last three decades to come out of such similar situations.
Resilient performance
During FY 21221, we posted revenues of ^ 2038.98 million, marking a
growth of 21.58% over FY2021.
Our EBITDA reduced by 52.74% to reach ^ 552.41 million during the year.
Our net profit stood at ^35.85 million in FY2022, compared to ^ 78.5 million in FY2021. As
a result, our earnings per share (EPS) reached ^ 3.85 in FY2022. During the year, our team
focused on enhancing and expanding our businesses - Garment Mantra, Price Mantra and
Poorti. We are focusing buil on customer needs with sharper focus by better understanding
and analysing their lifestyles and fashion preferences. We are also leveraging the power
of the social media to expand the reach of our brands. Our increased presence and
strengthening visibility on social media has also allowed us to establish a deeper and
connect with our customers and maintain brand recall.
Robust business models
Our three business models are our foundation pillars. Through Garment
Mantra, we manufacture and sell knitted fabrics and garments. Price Mantra is the retail
chain of Garment Mantra. We sell products matching international quality standards at
impressively affordable prices due to our bulk buying strategy. We enable employment for
the common masses such as housewives, retired people and even salaried employees by
offering them the opportunity to take up a franchise of Price Mantra. Poorti is our third
business model. It is the wholesale hub of Garment Mantra.
The idea behind this business is to make luxury apparels, accessories
and footwear available to those who cannot afford it. We make these products reach the
common masses by purchasing them in bulk below their manufacturing cost.
Prioritizing employee well-being and society
Though the COVID crisis seems to have eased a little, we are not
letting our guard down and are continuing to follow all the necessary precautions
At Garment Mantra, we believe in respecting the needs of every
individual, and supporting and empowering them. We are committed to making a difference to
those around us. We support 'Vanathukkul Tiruppur', which is an initiative to expand green
cover in the city. We also organized blood donation drives.
Your Company is actively involved in the social activities of the
Tiruppur Export Association (TEA),Confederation of Indian Industries (CII), Rotary Club
and Lion's Club. We also contributed to the setting up of an 80-bed oxygen facility, along
with other industrialists. As I conclude, I would like to inform you all that your Company
has a bright future as the opportunity and intensity of competition in India's fashion
market is going to rise steadily. On the back of our three business models, we are
planning to work aggressively to grow the company and garner higher market share.
I would like to express my deepest gratitude to our investors and
stakeholders for their continued faith and trust in us. Together, we will take Garment
Mantra to newer heights of success.