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companylogoH P Cotton Textile Mills Ltd

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BSE Code : 502873 | NSE Symbol : | ISIN : INE950C01014 | Industry : Textiles - Cotton/Blended |


Chairman's Speech

Dear Members,

I hope this letter finds you and your families well and safe. In the context of the COVID-19 pandemic, I am glad to share that your Company successfully executed vaccination drives for all the employees and continues to maintain a sharp focus on supporting their health and safety.

Amid a year that continued to be characterised by several headwinds, I take great pride in sharing that your Company delivered a strong performance. This was achieved

through focused execution of the business strategy and the perseverance of the team.

Further, despite the short-term challenges of the pandemic and cost inflation, your Company?s investments in branding, expanding the distribution network, and innovation continued unabated. These concerted actions have restrengthened the business and positioned it well to create better value for all stakeholders.

Performance Review

Just when it seemed that the world was emerging from the throes of the COVID-19 pandemic, the second wave in several countries once again disrupted global economic recovery. The Russia-Ukraine conflict towards the close of the financial year aggravated the pre-existing challenges of excessive volatility in commodity prices, inflationary pressures, and supply chain disruptions.

Overcoming these external challenges, your Company demonstrated tremendous growth in terms of revenue and profitability for the FY 2021-22. These results demonstrate its execution prowess, agility, strategic clarity, and supply chain resilience.

An important highlight was that the production of sewing threads increased by 22.62% over the previous year, which resulted in sales increasing by 36.88% over the previous year. The higher sale also benefitted from your Company?s increased focus and success in the value- added export segment. During the year, your Company also implemented various policies, which contributed to its strong performance.

Expanding Boundaries

H.P Cotton Textile Mills had applied for the Performance Linked Incentive (PLI) Scheme introduced by the Government of India for the promotion of MMF (man-made fibre) Apparel, MMF Fabrics and Products of Technical Textiles. It gives me immense pleasure to share with you that your Company got selected for the PLI Scheme in April 2022. This opens up exciting opportunities for your Company to expand business boundaries. In accordance with the PLI Scheme, a wholly-owned subsidiary, HP MMF Textiles Limited, has been established.

Awards And Recognition

Your Company?s various endeavours were duly acknowledged through marquee awards. In this regard,

I am delighted to share that H.P Cotton Textile Mills was conferred the Runner-up Award in the category of ‘Best MSME Global Business of the Year? by ASSOCHAM.

Closing Comments

As a result of all the progress in FY 2021-22, your Company enters the new fiscal as a far more capable organisation and better prepared to handle the evolving demand, continuous market volatility and an uncertain economic environment. Your Company aims to exceed the internal benchmark so that it can consistently deliver value to its customers, and also perform as a dependable supplier.

My sincere gratitude to our valued customers for their steadfast support. I would also like to take this opportunity to extend my thanks to our employees, management, leadership team, investors, partners, suppliers, distribution network and our shareholders for their unflinching trust and support.

Warm regards,
Kailash Kumar Agarwal
Chairman & Managing Director

   

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