Hirdaramani Annual Report 2024 💯 Validated
“FY2024 tested our agility. While demand softened in Q1, our diversified product mix—activewear, casuals, and medical garments—kept us stable. We have now integrated Scope 3 emissions into our KPI dashboard. The next three years will see Hirdaramani pivot from being a garment manufacturer to a product and process innovation partner for global brands.”
– Ms. Shiromal C. Hirdaramani, Chairperson
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.
The Hirdaramani Group, a leading global apparel manufacturer, has released its Sustainability Report 2024, which details the company's progress under its "Future First" roadmap. While the Group is a private entity, key financial insights for its retail arm, ODEL PLC, are available in the ODEL Annual Report 2023/24. Future First: 2024 Sustainability Progress
The Hirdaramani Sustainability Report 2024 emphasizes "Continuous Progression, Together," focusing on environmental conservation and community empowerment. hirdaramani annual report 2024
Net-Zero Milestones: Hirdaramani became the first organization in Sri Lanka to have its Net-Zero Science-Based Targets approved by the SBTi.
Near-term (by 2033): 54.6% reduction in Scope 1 and 2 emissions. Net-Zero (by 2050): 90% reduction across all scopes.
Renewable Energy: The Group generates 16.2 GWh annually through rooftop solar projects, primarily the Suryadhanavi Rooftop Solar Project, saving roughly 13,400 tonnes of carbon.
Awards & Recognition: At the Presidential Environment Awards 2024, Hirdaramani clinched four awards, including Gold for its "Mihila" facility. Strategic Investments and Expansion “FY2024 tested our agility
In 2024, the Group focused on vertical integration and domestic value chain strengthening:
Mihila Tex Investment: A landmark USD 30 million (LKR 10 billion) investment in a new textile mill in Pannala, Sri Lanka.
Collaboration: The mill is a joint venture with Hengda Textiles, aimed at reducing the outflow of foreign exchange for raw material imports.
Global Footprint: Operations now span six countries, including Sri Lanka, Bangladesh, Vietnam, and Ethiopia, with over 55,000 associates. Financial Highlights (ODEL PLC - Retail Sector) The Hirdaramani Annual Report 2024 is more than
As a publicly traded subsidiary, ODEL PLC's performance reflects the retail environment for the fiscal year ending March 31, 2024. FY 2023/24 Performance (Rs.) Group Revenue 7,302,893,017 Loss for the Year (4,207,745,186) Total Assets 30,671,032,652 Total Debt 22,645,832,452 Social & Wellbeing Initiatives
The Group's commitment to its people is tracked through several core programs: Hirdaramani Apparel Sustainability Report 2024
Chairman’s Message In 2024, the global apparel industry faced a complex tapestry of recalibrated supply chains, evolving ESG regulations, and shifting consumer demands for radical transparency. At Hirdaramani, we viewed this not as a burden, but as our calling. This year, we proved that agility and sustainability are not trade-offs—they are the twin engines of enduring value. Our 2024 performance reflects a disciplined focus on vertical efficiency, digital empowerment of our workforce, and a deepening commitment to becoming a net-positive enterprise.