Hirdaramani Annual Report 2024 Info

The Hirdaramani Annual Report 2024 showcases a landmark period for the global apparel conglomerate as it aggressively converts its environmental and social ambitions into independently audited actions. Operating across Sri Lanka, Bangladesh, Vietnam, and Ethiopia, the pioneering fashion manufacturer utilized 2024 to solidify its "Future First" Sustainability Roadmap . The group formalized major achievements in net-zero energy operations, expanded its massive renewable energy footprint, and became the first Sri Lankan company to secure approved Net-Zero Science-Based Targets from the SBTi. The Strategic Pillars of "Future First" The 2024 reporting period marks the final push toward Hirdaramani's highly ambitious 2025 sustainability targets. The entire report is framed around four core pillars designed to reshape how the organization approaches global fashion manufacturing: Hirdaramani Apparel Sustainability Report 2024

The Hirdaramani Annual Report 2024 highlights the group's transition into a new era of "Future First" sustainability, marked by significant investments in local manufacturing and global net-zero commitments. As one of Sri Lanka’s largest conglomerates, Hirdaramani has prioritized vertically integrated, eco-friendly apparel production while expanding its footprint across Bangladesh, Ethiopia, and Vietnam. Key Strategic Milestones The 2024 reporting period was defined by large-scale infrastructure investments aimed at securing the group’s long-term competitive edge. Mihila Tex Investment : The group announced a landmark LKR 10 billion (approx. USD 30 million) investment in a new state-of-the-art textile mill in Pannala, Sri Lanka. This facility is designed to strengthen the local value chain, reduce foreign exchange outflows for raw materials, and integrate advanced water recycling and purification systems. Net-Zero Approval : In 2024, Hirdaramani became the first Sri Lankan organization to have its Net-Zero Science Based Targets approved by the Science Based Targets initiative (SBTi). The group has committed to reducing absolute Scope 1 and 2 emissions by 54.6% by 2033 and achieving a 90% reduction across all scopes by 2050. Renewable Power Expansion : On-site renewable energy capacity has reached 16.2 GWh annually , primarily through the "Suryadhanavi" rooftop solar project. The group also manages broader renewable energy assets including 100 MW of wind and 25 MW of mini-hydro power. Sustainability & ESG Performance According to the Hirdaramani Sustainability Report 2024 , the group continues to align its operations with Global Reporting Initiative (GRI) standards. Hirdaramani Apparel Sustainability Report 2024

Stitching the Future: An In-Depth Analysis of the Hirdaramani Group Annual Report 2024 By [Your Name/Publication Name] In the volatile landscape of global apparel manufacturing, few names command as much respect for resilience and adaptability as the Hirdaramani Group. As the Sri Lankan conglomerate unveils its Annual Report for 2024, the document reads less like a static record of financials and more like a manifesto for the future of sustainable manufacturing. Coming off the back of a tumultuous 2022 and a stabilizing 2023, the 2024 report captures a pivotal moment for the Group. It is a narrative defined by a strategic pivot away from traditional volume-based growth toward value-added manufacturing, deepened sustainability integration, and aggressive digital transformation. The Macro Context: Navigating the "Polycrisis" To understand the significance of the Hirdaramani 2024 report, one must first contextualize the environment in which it was written. The global apparel sector has been battered by what economists term a "polycrisis": post-pandemic demand fluctuations, the Red Sea shipping crisis, soaring energy costs, and the lingering effects of global inflation. For a manufacturer based in Sri Lanka, the stakes were even higher. The domestic economic crisis of 2022-2023 tested the operational limits of every export-oriented business. However, the Hirdaramani report for 2024 highlights a year of consolidation and cautious optimism. The Group has seemingly weathered the storm, leveraging its diversified manufacturing footprint across Sri Lanka, Bangladesh, and Vietnam to mitigate regional risks. Financial Resilience and Strategic Consolidation While specific top-line figures fluctuate based on global inventory corrections, the 2024 report underscores a strategy prioritizing profitability over volume . Unlike previous decades where success was measured by the number of containers shipped, this year’s financial review highlights "value addition." Hirdaramani has successfully pivoted its product mix toward higher-margin categories—specifically intimate apparel, activewear, and technical textiles. The report details how the Group managed to protect its margins despite global headwinds. Key to this was a rigorous cost-optimization strategy and a move toward backward integration. By controlling more of the supply chain—from fabric sourcing to packaging—Hirdaramani has insulated itself from some of the volatility in raw material pricing that crippled less integrated competitors. The "Green" Backbone: Sustainability as a Business Model Perhaps the most compelling section of the 2024 Annual Report is the Environmental, Social, and Governance (ESG) update. For Hirdaramani, sustainability is no longer a corporate social responsibility (CSR) checkbox; it is a competitive advantage. The report spotlights the Group’s journey toward Net Zero , documenting tangible reductions in carbon intensity. Hirdaramani has long been a pioneer in this space, being one of the first in the region to embrace carbon-neutral manufacturing facilities. The 2024 report expands on this legacy, detailing investments in:

Renewable Energy Transition: Significant expansions in rooftop solar capacity across their factories in Sri Lanka and Bangladesh. The report outlines a roadmap to source a majority of energy needs from renewables, hedging against fossil fuel price volatility. Circularity: The launch of new initiatives focused on circular fashion. The Group has invested in technologies that allow for greater usage of recycled fibers and the reduction of fabric waste during the cutting process. The report highlights partnerships with global brands that prioritize "circular" suppliers, proving that green investments yield commercial returns. Water Stewardship: With water scarcity becoming a global risk, the report details the implementation of advanced effluent treatment plants and water recycling systems, drastically reducing the "water footprint" of each garment produced. hirdaramani annual report 2024

The report argues convincingly that sustainability is no longer a cost center but a revenue driver. As global legislation (such as the EU’s Green Deal) tightens regulations on textile imports, Hirdaramani’s early adoption positions it as a partner of choice for compliance-conscious Western brands. Digital Transformation: The "Factory of the Future" A significant portion of the 2024 report is dedicated to the Group’s "Industry 4.0" roadmap. The traditional image of a garment factory—rows of sewing machines and manual labor—is being actively disrupted. Hirdaramani’s "Digital Transformation" chapter outlines a multi-year investment in automation and data analytics. Key highlights include:

Smart Factories: Implementation of real-time production monitoring systems. The report describes how sensors and IoT devices are now tracking efficiency on the shop floor, allowing management to identify bottlenecks instantly. Supply Chain Visibility: Investments in digital platforms that offer end-to-end visibility for clients. In an era where brands want to know exactly where their fabric came from and how long it sat in a warehouse, this transparency is a key selling point. 3D Design and Sampling: By adopting 3D design technologies, the Group has significantly reduced the lead time from concept to prototype. The report cites reductions in sample shipping costs and faster "speed-to-market" metrics, crucial for the fast-fashion and "near-shoring" demands of modern retail.

The Human Element: Navigating Labor Dynamics No apparel report is complete without addressing the workforce, and Hirdaramani’s 2024 analysis is candid about the challenges of labor retention. The post-pandemic era saw a global shift in labor dynamics, with many workers leaving the formal apparel sector. The Group’s response, as detailed in the report, focuses on "Employee Value Propositions." This includes upskilling programs, enhanced welfare facilities, and a focus on women’s empowerment. The report highlights specific initiatives aimed at the female workforce—who constitute the majority of their employees—such as health programs, childcare support, and career progression pathways into management roles. Furthermore, the report touches upon the Group’s handling of wage revisions in Sri Lanka amidst hyperinflation. It outlines the delicate balancing act of remaining competitive globally while ensuring a living wage for employees, a move that has stabilized the workforce and reduced turnover rates compared to industry averages. Diversification and Regional Strategy The "One Group" strategy is evident in the geographical breakdown provided in the report. Hirdaramani has successfully de-risked its operations by maintaining a balanced portfolio across South Asia. While Sri Lanka remains the historical heartland, the report notes robust performance from their Bangladesh operations (leveraging the duty-free access to key markets) and their Vietnam facilities (serving as a strategic hub for buyers looking to diversify away from China). The report frames this not just as geographic diversity, but as "capability diversity," with different regions specializing in different product categories—from leisurewear in Vietnam to intimates in Sri Lanka. Outlook: Cautious Optimism In his statement, the Group’s leadership strikes a tone of cautious optimism. The report acknowledges that the global apparel demand remains soft, citing inventory "de-stocking" by major retailers. However, it points to the second half of 2024 as a turning point. The strategic priorities laid out for the coming year are clear: The Hirdaramani Annual Report 2024 showcases a landmark

Deepen the sustainability moat to serve premium eco-brands. Accelerate digital adoption to drive efficiency. Strengthen the supply chain against geopolitical shocks.

Conclusion The Hirdaramani Annual Report 2024 is more than a financial summary; it is a testament to the evolution of the Asian manufacturing sector. It demonstrates that the era of competing solely on low labor costs is over. In its place, a new paradigm has emerged: compete on compliance, compete on capability, and compete on carbon footprint. By anchoring its strategy in sustainability and technology, Hirdaramani is not just surviving the current market downturn but is actively positioning itself to capture the next wave of growth when the global tide turns. For investors, partners, and industry observers, the message is clear: Hirdaramani is stitching the future of the industry, one sustainable thread at a time.

Hirdaramani Annual Report 2024: Pioneering Sustainable Apparel Manufacturing and Future-Focused Growth The Hirdaramani Group, a titan in the global apparel manufacturing industry, has released insights surrounding its performance for the 2023/24 financial year, highlighting a continued dedication to innovation, sustainability, and robust financial resilience. The Hirdaramani Annual Report 2024 reflects a company deeply committed to its " Future First " philosophy, navigating industry volatility while setting new benchmarks for ethical production and environmental stewardship. With decades of experience, Hirdaramani has transitioned from a traditional garment manufacturer to a strategic partner for global brands, providing end-to-end solutions from design to distribution. 1. Financial Performance and Strategic Resilience According to disclosures available as of March 31, 2024 CSE, 2024, the Group continues to show structural strength. Despite global inflationary pressures and shifts in fashion retail, the Hirdaramani Group has demonstrated stability, focusing on maintaining strong relationships with key customers and optimizing supply chain efficiencies. Investment in Growth: The report highlights significant, ongoing investments in non-current assets (approx. Rs. 15,502 Mn), signaling confidence in long-term infrastructure and expansion projects, including specialized facilities CSE, 2024. Operational Diversification: The group’s diversified portfolio across Sri Lanka, Vietnam, and Bangladesh has provided a hedge against localized disruptions, allowing for uninterrupted production cycles. 2. 'Future First' Sustainability Roadmap 2025 The core of the Hirdaramani 2024 Sustainability Report is the relentless drive towards its 2025 goals, often setting near-term and net-zero targets that exceed industry standards Sustainability Report, 2024 . Key Sustainability Achievements (2024): Net-Zero Milestone: Hirdaramani has achieved net-zero greenhouse gas (GHG) emissions from energy across all its manufacturing operations in Sri Lanka Hirdaramani. Renewable Energy Expansion: The group continues to invest in rooftop solar projects across its manufacturing hubs in Sri Lanka and Vietnam, reducing reliance on fossil fuels Hirdaramani. LEED Certified Facilities: Hirdaramani operates multiple LEED Gold/Platinum rated facilities, including the pioneering "Mihila" plant, which was among the first in the world to be certified Hirdaramani. Environmental Accolades: In 2024, the Group was honored at the Presidential Environment Awards in Sri Lanka, winning the Gold Award for the Apparel Industry (Mihila facility) and further awards for its washing facilities News & Events, 2024 . 3. Social Responsibility: Putting People First The 2024 report emphasizes that sustainability is not just environmental; it is equally social. Hirdaramani’s investment in its 20,000+ workforce is a cornerstone of its corporate strategy. Wonders of Wellbeing & Her+: Over 21,000 employees have participated in programs designed to improve health, wellbeing, and professional development. These initiatives aim to foster a "Life Well Lived" for all employees Hirdaramani. Fair Trade USA Certification: Multiple Hirdaramani facilities have achieved Fair Trade USA certification, ensuring fair wages, safe working conditions, and community development funds. Employee-Centric Culture: The group has maintained high standards of safety and worker representation, focusing on comprehensive training and empowerment programs. 4. Innovation, Technology, and Future Outlook Looking ahead, the Hirdaramani Group is leveraging technology to increase productivity and meet the traceability demands of modern consumers. Digitalization of Manufacturing: The adoption of advanced ERP systems and digital design tools has streamlined production, reduced lead times, and allowed for greater agility in fulfilling fast-fashion requirements. Circular Economy Initiatives: Hirdaramani is actively exploring recycling and circular fashion, aiming to minimize waste throughout the garment production lifecycle. Strategic Growth Strategy: The Group aims to strengthen its partnerships with international brands by focusing on transparency, sustainable sourcing, and technological innovation. The Hirdaramani Annual Report 2024 portrays a company that is not just adapting to the future of apparel manufacturing but actively shaping it. By balancing economic goals with ambitious social and environmental targets, Hirdaramani proves that sustainable manufacturing is both ethical and profitable. For detailed financial statements, auditor reports, and comprehensive sustainability data, please refer to the official Hirdaramani sustainability website and the Colombo Stock Exchange disclosures. The Strategic Pillars of "Future First" The 2024

The Hirdaramani Group is a major Sri Lankan conglomerate with a century-long legacy in the apparel industry and diversified interests in renewable energy, leisure, and retail. The primary focus of their 2024 reporting is their Apparel Sustainability Report , which outlines their path to net-zero and significant environmental achievements . 2024 Sustainability Performance The 2024 Sustainability Report highlights the group's "Future First" roadmap: Net-Zero Milestone : Hirdaramani became the first Sri Lankan organization to have its Net-Zero Science Based Targets approved by the SBTi in 2024. Renewable Energy : On-site renewable power generation reached 16.2 GWh annually , primarily through the Suryadhanavi Rooftop Solar Project. Carbon Reduction : Current solar initiatives save approximately 13,400 tonnes of carbon per year. Emission Targets : Near-Term : Aiming for a 54.6% reduction in Scope 1 and 2 emissions by 2033. Net-Zero : Committed to a 90% reduction in Scope 1, 2, and 3 emissions by 2050. Strategic Investments & Awards Mihila Tex : The group invested $30 million in a cutting-edge textile mill in Pannala, Sri Lanka, to strengthen the local value chain. Presidential Environment Awards 2024 : Hirdaramani Apparel secured four awards, including a Gold Award for its Mihila facility and honors for its Ja-ela/Sithro and Seethawaka washing plants. Retail Sector: ODEL PLC (Financial Year 2023/24) Financial data for the group's retail arm, ODEL PLC, for the year ended March 31, 2024, reflects a challenging economic environment: Revenue : LKR 7.30 billion (compared to LKR 8.25 billion in 2023). Loss for the Year : LKR 4.21 billion. Total Assets : LKR 30.67 billion. Key Locations and Operations Sri Lanka : 16 facilities are certified LEED or green buildings. Global Reach : Operations span 6 countries including Vietnam, Bangladesh, and Ethiopia, with over 55,000 associates . Expand map Hirdaramani Apparel Sustainability Report 2024

The Hirdaramani Group's Sustainability Report 2024 outlines progress on its "Future First" roadmap, featuring 16.2 GWh of renewable energy capacity and SBTi-approved Net-Zero targets . While the private group does not issue public financials, its retail arm, ODEL PLC, reported a revenue of LKR 7.3 billion and a loss of LKR 4.2 billion for the year ending March 31, 2024 . Review the full sustainability report at Hirdaramani . Hirdaramani Apparel Sustainability Report 2024