The business environment in FY23 remains challenging due to the lingering impact of high prices of cotton, dyes & chemicals and packaging material witnessed in the last fiscal, says textile manufacturer Arvind Ltd's chairman Sanjay Lalbhai.
However, the company is well positioned to weather the uncertain environment, said Lalbhai in his address to the shareholders in the annual report of Arvind Ltd.
"As FY2023 progresses ahead, we expect the business environment facing your Company to remain challenging and uncertain," Sanjay Lalbhai said.
As such, the company intends to continue the operating discipline and financial conservatism that has successfully guided in recent times, he added.
"In tandem, we will also ensure that the Company's growth engines such as Advanced Materials and Garmenting get requisite investments and sponsorship to realise their full potential," he said adding company "is well positioned to weather the uncertain environment and seize the opportunities that come our way".
According to the company, the rise in raw material costs, especially cotton prices fuelled by low cotton stock availability coupled with inflation has put extreme pressure on the margins of the textiles industry.