CRAVATEX LIMITED

Climate Impact & Sustainability Data (2018-04 to 2019-03, 2021-04 to 2022-03)

Re-appointment of Mr. Rajesh Batra as Managing Director for three years.
Re-appointment of Mr. N. Santhanam and Dr. S.D. Israni as Independent Directors for a second term of five years.
Implementation of a whistleblower policy.

Increased customs duty on footwear.
Sharp depreciation of the Indian rupee versus the US dollar.
Slowdown in the wellness business due to a financial crunch in the real estate sector and increased competition.
Regulatory changes in e-commerce.

BB (UK) Limited reported as the 3rd fastest growing company in the UK owned by an Indian parent in the CII-Grant Thornton report of 2019.

Adopted an employee-friendly policy safeguarding the well-being of employees; implemented flexible timings and encouraged vaccinations.

All Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149 (6) of the Companies Act, 2013 and Regulation 16(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The Company conducts familiarization programs for Independent Directors with regard to their roles, rights, responsibilities towards the Company.

Trailing impact of Covid related slow down resulted in an almost flat revenue during the year.
Operations were marginally hit due to work from home routine during the major part of the year.
Total revenue of the company was lower vis-à-vis previous year due to lower Dividends from overseas subsidiary and other miscellaneous income.
Adverse Market Conditions.
Increase in logistic expenses and raw material prices had their effect on margins impacting the revenue growth and the profitability during the year.
Intermittent Covid related instances are the immediate threats.

The company shifted major sourcing of goods, especially footwear, from overseas factories to domestic factories thereby saving on exchange cost and high import duties.
Various measures such as improved ware house efficiency/management and other cost reduction were undertaken during the year.
Monitoring of expenses and improvement in working capital management.
Various other means of cost reduction are adopted to protect the margins as much as possible.
The company adopted an employee friendly policy safeguarding wellbeing of the employees. Flexible timings and encouragement to get vaccinated were some of the steps taken to protect the employees.