Other Apparels company Pearl Global Industries announced FY23 results: Total Revenue stood at Rs 3,158.4 crore, a growth of 16% YoY EBITDA stood at Rs 255.5 crore, a growth of 82% YoY PAT stood at Rs 153 crore, a growth of 118% YoY Declared an interim dividend of Rs. 5/share at the end of the year resulting in a total dividend of Rs. 7.5 (75% of FV) for FY23 Commenting on the performance Mr. Pulkit Seth, Vice-Chairman & Non-Executive Director, said, “Our outstanding performance in fiscal year 2023 is a testament to our robust global competitive advantage. We have skilfully leveraged our core strengths to achieve this sustained growth which was primarily driven by incremental orders from our existing customers and improved realizations from newly acquired customers. Our presence across the global textile value chains in Asia has helped us cater to our global clients effectively, utilizing our global capacities and mitigating uncertainties by leveraging our facilities in different markets. Some of our key new initiatives which are at different stages of implementation, such as exploring near shore manufacturing opportunities in Central America and setting up new division to build a licensing & branding division in North America will further propel our growth trajectory. These are new initiatives while we continue to target growth in all our key operating countries where we have strategic alignment with new clients.” Commenting on the performance, Mr. Pallab Banerjee, Managing Director said, “I am pleased to announce that we have achieved record-breaking revenues accompanied by a healthy profit. The improved profitability is on account of the consistent improvement in operations and operating leverage playing out from the existing factories and the greenfield factories in Bangladesh. While the business outlook continues to remain challenging amidst higher interest costs and higher inflation rates, we remain confident to sustain a 15-20% compounded annual growth rate over the next 3-4 years. To navigate the challenges pertaining to the uncertain business environment, we are setting a stringent risk governance framework to hedge against sudden increase in raw material prices and interest costs. This shall help us in keeping our profitability intact.” Result PDF
Apparels & Accessories firm Pearl Global Industries announced Q1FY23 Result : Revenue Rs. 851.1 Crs up 95% Highest ever Q1 revenue since inception on account of better product mix, increase in contribution from in house and partnership factory and improved capacity utilizations in Vietnam and Bangladesh. Inhouse manufacturing increased by 30% EBITDA improved by 370 bps to 7.9% in Q1FY23 from 4.2% in Q1FY22 due to: Improved operating efficiency in Vietnam and Bangladesh Operating leverage kicking in due to increase in volumes Credit Rating improved to BBB+ stable from BBB stable Partnership factory contribution to overall revenue increased from 2.8% in Q1FY22 to 21.3% in Q1FY23 translating to 1.9 million on a standalone basis Revenue increased by 95% YoY: Standalone revenue increased because of increased contribution from in house and partnership factory In house manufacturing increased by 30%. Number of pieces shipped increased from 3.2 million pieces in Q1FY22 to 4.2 million pieces in Q1FY23 Partnership factory contribution to overall revenue increased from 2.8% in Q1FY22 to 21.3% in Q1FY23 translating to 1.9 million on a standalone basis Vietnam/ Bangladesh average FOB has increased because of better product mix Operating efficiency has improved in both the countries resulting into increase in number of pieces shipped from 7.5 million pieces in Q1FY22 to 9 million pieces in Q1FY23 Improved product mix, Operating leverage and operational efficiency largely lead to improvement in EBITDA margin It includes rental income/ foreign exchange fluctuation gain and one time software design charges. Result PDF