GARNET INTERNATIONAL LIMITED

Climate Impact & Sustainability Data (2015-03 to 2016-03, 2018-2019, 2020-04 to 2021-03, 2022-04 to 2023-03, 2023-04 to 2024-03)

Appointed Dr. Jaswantsingh Patil as an Additional Independent Director.
Appointed Mrs. Sandhya Lotlikar as an Additional Non-Executive Independent Director.
Appointed Mr. Vishnu Kanth Bhangadia as an Additional Director in the category of Independent Director.
Changed the designation of Mr. Sharad Rathi from Non-Executive Independent Director to Non-Executive Non-Independent Director.

Steep fall in mid and small cap equities during Q4 FY 18 affected the company’s operating performance.
21% degrowth in sales in the textiles segment due to low demand in domestic and export markets.
Higher depreciation (up 63%) in the textiles segment due to capital expenditure to improve production capacity and technology.

Sold wholly owned subsidiary, Garnet Valorem Capital Ventures Pvt. Ltd., as part of a change in business strategies.
Capital expenditure to improve production capacity and technology at the Ludhiana plant.

The COVID-19 pandemic outbreak impacted the economy throughout the financial year 2020-21, creating uncertainties and slowdown in activities.
The year 2020-2021 was not a good year for the company in terms of revenue and profit.

The Company is taking all necessary measures in terms of mitigating the impact of the challenges being faced in the business. It is focused on controlling costs, maintaining liquidity and closely monitoring to the operations.

Global economic growth slumped to 3.4% in 2022 due to tight monetary policy, Russia-Ukraine war disrupting supply chains, surge in commodity and fuel costs, energy crisis in Europe, and lockdowns in some countries.
Higher government spending on infrastructure supported investment growth, but monetary tightening by RBI, widening current account deficits, and decline in export growth capped economic growth prospects.

The Indian economy remained resilient due to policy reforms and prudent regulatory measures.
Government initiatives such as PM Gati Shakti, National Logistics Policy, and PLI scheme are expected to support economic growth.

Global Markets: Lingering geopolitical tensions, persistent inflation, and ongoing supply chain disruptions.
Global Markets: Rising interest rates and geopolitical uncertainties weighed on economic activity.
Global Markets: Geopolitical conflicts, particularly the Russia-Ukraine war, contributed to market volatility and disrupted supply chains.
Global Markets: Supply chain disruptions, exacerbated by the pandemic and geopolitical factors, persisted.
Indian Equity Markets: Uncertainty surrounding economic conditions and geopolitical events created a challenging environment for investors worldwide.

Risk Management: The Company has adopted a Risk Management Policy to identify, evaluate business risks and opportunities. This framework seeks to create transparency, minimize adverse impact on the business objectives and enhance the Company’s competitive advantage.