Apparels & Accessories company Pearl Global Industries announced FY24 results: Revenue grew by 8.8% YoY to Rs 3,436.2 crore in FY24 driven by a 21% YoY increase in overseas revenue Adjusted EBITDA (excl. ESOP expense) for FY24 stood at Rs 316.4 crore, an increase of 22.5% YoY Enhancements in operational efficiency contributed to increased revenue in Bangladesh, leading to economies of scale and consequently improving the EBITDA margin from international operations FY24 Adjusted EBITDA Margin stood at 9.2%, a growth 100 bps YoY. The growth was achieved on the back of: Continues improvement based on better operational efficiency Increased profitability due to improving efficiency in Bangladesh and Vietnam units ROCE improved to 28.2% in FY24 from 24.2% in FY23, a growth 400 bps YoY. The growth was achieved on the back of: Prudent capital allocation policy Profitability at group level Efficient working capital management Working Capital Days declined to 30 days as on 31st March 2024 from 38 days as on 31st March 2023 Commenting on the Results, Pallab Banerjee, Managing Director said, “We are pleased to announce that our FY24 performance has witnessed strong growth year-over-year across all metrics. Our group level Adjusted EBITDA crossed Rs 300 crore mark on a full year basis. Increased profitability from our overseas operations, combined with a better product mix and enhanced operational efficiency, has boosted our EBIDTA margin (excluding ESOP expenses) by 100 basis points year-over-year. Our steadfast commitment to maintaining a multinational presence and implementing sustainable practices is crucial for successfully navigating today’s dynamic business environment. With our extensive geographic reach and strong relationships with esteemed clients, we are well-positioned to consistently deliver outstanding results.” Result PDF
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
