Dear Stakeholders,
Denim has transformed the style world for the youths and has been an Integral part of
their daily wear in the form of Office Wear, Casual Wear or Party Wear. Also, all Indian
generations are embracing denim higher than ever. Consequently, the Indian denim industry
has been thriving in domestic market since the last few years, and the market covers a
good-sized global marketplace. India has the second-largest denim marketplace after china.
Still, the industry has a variety of untapped potentials.
I am pleased to share with you an update on your Company's performance for FY2023. The
year saw a challenging business environment with lower GDP growth, compared to the
previous years and witnessed a slowdown in consumption. Against this backdrop, your I
Company has delivered competitive, profitable and responsible growth.
The Year FY 2022-23 may forever be remembered as one of the most uncertain Fiscals,
continuing a trend from 2021-22 because of initially the pandemic and subsequently the
Geopolitical conflict, both of which have caused immense suffering. Still, it is essential
to find reasons to be hopeful.
The three key lessons of 2022-23
1. work with compassion,
2. invest in people and
3. be strong in local markets are applicable to countries and companies alike and our
Company is imbibing them. Although, it may be difficult to imagine in these times of
hardship and uncertainty, there are boundless opportunities ahead, and I am encouraged
because of all those who have continued to work hard even in phase of many constraints. I
am certain that we will collectively achieve much more together. I thank the customers
from all around the Globe for helping us to continuously improve and grow.
I am grateful to the distinguished Directors on the Board who are guiding the
Management with their experience and wisdom. I appreciate your trust, it puts even more
onus on the Management to perform and make our Company grow.
With great pride and privilege, I now present before you all the 13th Annual Report of
R & B Denims Limited for Financial Year 2022-23 and will also update you on your
company's operating and financial performance.
During the year, Your Company recorded total revenue of 27,862.40 Lacs against Rs.
29,732.86 Lacs in the previous year, representing a decrease of 6.29% during the year and
Profit before Tax Rs. 1,991.73 Lacs as compared to Rs. 2,805.93 Lacs during the year.
Total Income during the year Rs. 1,498.64 as compared to Rs. 2,117.10 in the previous
year.
The textile industry is going through multiple changes from different dimensions which
are changing global and regulatory regime and there is no stopping to the increasing
levels of competition. The company is diligently striving to provide complete denim
fabrics by enrooting new product lines and gaining a deep understanding of consumer
preferences through every passing year.
Your company has never intended to grow at an unsustainable & erroneous rate, by
opening stores after stores but rather grow at a convincing rate, therefore, your company
strategically plans and making sure that it reaches a wider section of people, and create
value for its esteemed shareholders.
We are confident that cumulatively, the capital investments we are making will enable
us to continue delivering on our promise of steady, sustainable, and profitable growth.
The Company provides its utmost attention towards the sustainability and protection of
the environment and therefore the entire functioning of the plant is planned in such a
manner that causes the least or no harm to the purity and beauty of our ecosystem. The
Company also makes sure that it complies with all its official obligations relating to the
environmental aspects.
Hereby, on behalf of the company, I would like to assure that your company does not
foresee any impact in respect of its existing contracts and agreements and its long-term
sustainability is expected to remain unharmed.
In summary. a strong affinity amongst the consumers towards your Company's portfolio of
powerful brands provides an exciting opportunity to continue gaining market share in the
industry. Key focus areas would include expanding the retail network of the brands,
efficient cost management. focus on direct-to- consumer business including launch of brand
dotcoms and continued efforts towards driving aspirational quotient for our customers. We
continue to stay committed towards significant value creation for all our shareholders
through profitable growth and prudent capital allocation.
I would like to take this opportunity to thank each and every employee as well as
others who are associated with R & B Denims Limited in any way and also our partners
across the value chain for their commitment and service to us. Most importantly, I would
like to thank you, our shareholders, for our overwhelming trust, support and confidence in
R & B Denims Limited.
On this positive note, let me thank you all for your sustained trust and cooperation. I
am sure that with your continued support, we shall scale new vistas of growth to deliver
sustainable, long-term growth and value creation.
Corporate Social Responsibility:
We at R & B Denims Limited believe that giving back to the society is a prime
responsibility. We recognize our role in shaping a sustainable future, and therefore,
continue to engage in socially productive endeavours. Our CSR initiatives aim to ensure an
inclusive well-being for all, especially the underserved fragments of our society. I am
optimistic that R & B Denims will continue to lead the way in Indian textiles and
continue to create value for our stakeholders.
As we enter into a new fiscal year, we aim to continue our operations with agility,
progressing towards excellence with ultimate passion and a renewed sense of purpose. We
are committed to cater to the needs of our stakeholders with innovative solutions and go a
step beyond our operations to contribute significantly to the well-being of our
environment and community.
Hereby, on behalf of the company, I would like to assure that your company does not
foresee any impact in respect of its existing contracts and agreements and its long-term
sustainability is expected to remain unharmed.
We would not have achieved what we have without the dedicated service of our employees.
I express my sincere gratitude to them and to our shareholders, bankers, customers and
Board of Directors for supporting us throughout our journey. I believe in our
capabilities, and look forward to sharing more good news about our accomplishments with
you as we move forward.
Best Regards,
Sd/-
Rajkumar Borana
Chairman & Managing Director.