To
The Members,
Arvind Fashions Limited.
Your Directors are pleased to present the Directors' Report of the Company together
with the audited financial statements of the Company for the financial year ended March
31, 2023.
1. Financial Highlights
The Company's financial performances for the year under review along with previous
year's figures are given hereunder:
[ Rsin Crores]
Particulars |
Standalone |
Consolidated |
|
2022-23 |
2021-22 |
2022-23 |
2021-22 |
Revenue from operations (Net) |
740.57 |
514.01 |
4,421.08 |
3056.04 |
Profit/(Loss) Before Interest, Depreciation, Tax & Exceptional Items |
40.18 |
39.31 |
505.14 |
247.04 |
Less: Finance Cost |
15.52 |
12.36 |
138.38 |
123.92 |
Profit/(Loss) Before Depreciation, Tax & Exceptional Items |
24.66 |
26.95 |
366.76 |
123.12 |
Less: Depreciation/Amortization |
14.56 |
18.07 |
238.73 |
233.00 |
Profit/(Loss) before exceptional items & tax |
10.10 |
8.88 |
128.03 |
(109.88) |
Less: Exceptional items |
- |
- |
|
- |
Profit/(Loss) before tax |
10.10 |
8.88 |
128.03 |
(109.88) |
Less: Current tax/Deferred tax |
0.24 |
1.44 |
40.11 |
(5.80) |
Profit/(Loss) after Tax from Continuing Operations |
9.86 |
7.44 |
87.92 |
(104.08) |
Profit/(Loss) Before Tax for the period from Discontinuing Operations |
- |
- |
(0.96) |
(132.62) |
Tax Expense/(Credit) on Discontinuing Operations |
- |
- |
- |
- |
Profit/(Loss) after Tax from Discontinuing Operations |
- |
- |
(0.96) |
(236.70) |
Net Profit/(Loss) for the period from Continuing Operations and |
|
|
|
|
Discontinuing Operations |
9.86 |
7.44 |
86.96 |
(236.70) |
Add: Other Comprehensive Income |
(0.44) |
(0.43) |
(0.76) |
(0.43) |
Profit/(Loss) after Tax and OCI |
9.42 |
7.01 |
86.2 |
(237.13) |
Profit /(Loss) after tax carried over to Balance Sheet |
9.42 |
7.01 |
86.2 |
(237.13) |
2. Performance Review:
During the period under review, the Company's financial performance improved
significantly from Financial Year 21-22 to Financial Year 22-23, with a notable growth in
revenue, profit after tax and total comprehensive income. After a gap of two long years,
Financial Year 22-23 was a stable year without any external environment led disruptions
and as a result, the Company further strengthened its position as a leading casual and
denim player in the industry.
The Company further built on its strength of having multi-channel mix including
exclusive brand outlets (EBOs), department stores, multi-brand outlets (MBOs), online and
others. Most of the newly opened stores are omni-connected, thereby helping in controlling
the end-customer experience along with optimizing discounts and gaining insights into
consumer choices
On Standalone basis
Revenue Growth The Company achieved strong revenue growth, with revenue from
operations increasing by 44% from Rs 514.01 Crores in FY 22 to Rs 740.57 Crores in FY 23.
Profit After Tax (PAT) - The Profit after tax experienced a significant increase of
32.5 % growing from Rs 7.44 Crores in FY 22 to Rs 9.86 Crores in FY 23.
On Consolidated basis
Consolidated Performance The Company's consolidated financial performance across
its operations also improved substantially. Consolidated revenue from operations (Net)
grew by 44.6% rising from Rs 3,056.04 Crores in FY 22 to Rs 4,421.08 Crores in FY 23.
Consolidated PAT The consolidated profit after tax demonstrated remarkable
growth of 136% increasing from loss of
Rs 236.70 crores in FY 22 to profit of Rs 86.96 crores in FY 23.
The Company continued to expand its retail footprint and accelerated its store
expansion strategy by opening ~180 stores during the year
3. Material Events during the year under review
Update on receipt of call money in the first and final call made during the
financial year 2022-23:
The Company had issued 1,48,02,856 Equity Shares and allotted 14,801,776 Equity Shares
of Rs 4 each of the Company on rights basis in the ratio of 3 equity share for every 20
equity shares held, to eligible equity shareholders of the Company at an issue price of Rs
135/- per Equity Share (including premium of Rs 131 per Rights Equity Share) for an
aggregate amount up to Rs 199.84 crores. An amount equivalent to 51.85% of the issue price
viz. Rs 70 per equity share was received on application i.e. Rs 103.61 Crores. During the
year under review the company has sent Reminder 3 to pay First & Final call money of
Rs 65 to the partly paid up shares held by the members. The company has received Rs 65
against 26,176 partly paid up shares. Total fund raised by the Company as on date from
this right issue is Rs 199.66 crores.
The funds raised by the Company through aforesaid Rights Issue, have been utilised for
the objects stated in the Letter of Offer, dated February 19, 2021, towards repayment of
certain borrowings of the Company and its wholly owned subsidiary and for General
Corporate purpose.
4. Dividend
Based on the Company's performance, the Board of Directors of your Company has
recommended a dividend at the rate of 25% on equity shares for the financial year ended
March 31, 2023. This translates to Rs 1 per equity share of Rs 4 each. The dividend shall
be subject to approval of the Members. The dividend will be applicable to a total of
13,28,00,971 equity shares, each having a face value of Rs 4 each.
Due to changes in the Income-tax Act, 1961, introduced by Finance Act, 2020, dividend
distributed by the Company are now taxable in the hands on the shareholders. The Company
will deduct applicable tax at source before paying out the dividend. The Register of
Members and Share Transfer Books of the Company will remain closed from 2nd September 2023
to 12th September 2023 (both days inclusive) for the purpose of payment of dividend for
the financial year ended March 31, 2023.
If approved by the shareholders, the total dividend pay-out for the financial year
2022-23 would amount to Rs 13.28 crores.
5. Dividend Distribution Policy
In terms of the provisions of Regulation 43A of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, your Company has formulated a Dividend
Distribution Policy and the same is available on the Company's Website at
https://www.arvindfashions.com/wp-content/uploads/2018/11/AFL-Dividend-Distribution-Policy.pdf.
Based on the Company's performance, the Directors of your Company recommend a dividend of
Rs 1 per share of Rs 4 each, subject to the approval of the Members.
6. Board Meetings held during the year
During the year under review, forty-two Board/Committee meetings were held including
seven Board meetings, six Audit Committee meetings, four Nomination and Remuneration
Committee meetings, one Stakeholders Relationship Committee meeting, three Risk Management
Committee Meetings, one Corporate Social Responsibility Committee meeting, one Independent
Director meeting and nineteen Committee of Directors meetings.
7. Directors' Responsibility Statement
The Directors hereby make the following Responsibility Statement as required by Section
134(3)(c) of the Companies Act, 2013: a) In the preparation of the annual accounts, the
applicable accounting standards have been followed along with proper explanation relating
to material departures. b) The Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are reasonable and prudent
so as to give a true and fair view of the state of affairs of the company at the end of
the financial year and of the profit and loss account of the company for that period. c)
The Directors have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safeguarding the
assets of the company and for preventing and detecting fraud and other irregularities. d)
The Directors have prepared the annual accounts on a going concern basis. e) They have
laid down internal financial controls, which are adequate and are operating effectively.
f) The Directors had devised proper systems to ensure compliance with the provisions of
all applicable laws and that such systems were adequate and operating effectively.
8. Explanation or Comments on Qualifications, Reservations or Adverse Remarks or
Disclaimers made by the Auditors and the Practicing Company Secretary in their Reports
There were no qualifications, reservations or adverse remarks made by the Statutory
Auditors or the Secretarial Auditor of the Company.
9. Particulars of Loans, guarantees or investments under Section 186 of the
Companies Act, 2013
Details of loans, guarantees and investments covered under the provisions of Section
186 of the Companies Act, 2013 are given in the Notes to the financial statements.
10. Related Party Transactions under Section 188 of the
Companies Act, 2013
All the related party transactions are entered on arm's length basis, in the ordinary
course of business and are in compliance with the applicable provisions of the Companies
Act, 2013 and the SEBI (LODR) Regulations. There are no materially significant related
party transactions made by the Company with Promoters, Directors or Key Managerial
Personnel etc. which may have potential conflict with the interest of the Company at large
or which warrants the approval of the shareholders. Accordingly, no transactions are being
reported in Form AOC-2 in terms of Section 134 of the Act read with Rule 8 of the
Companies (Accounts) Rules, 2014. However, the details of the transactions with Related
Party are provided in the Company's financial statements in accordance with the Accounting
Standards.
All Related Party Transactions are presented to the Audit Committee and the Board.
Omnibus approval is obtained for the transactions which are foreseen and repetitive in
nature. A statement of all related party transactions is presented before the Audit
Committee on a quarterly basis, specifying the nature, value and terms and conditions of
the transactions.
The Policy on Related Party Transactions as approved by the Board is available on
Company's website at
https://www.arvindfashions.com/wp-content/uploads/2018/11/AFL-RPT-Policy.pdf
11. Extract of Annual Return
The details forming part of the extract of the Annual Return is available on Company's
website at: https://www.arvindfashions.com/corporate-governance/
12. Material changes and commitments affecting the financial position of the Company
which have occurred between March 31, 2023 and May 30, 2023 (date of the report).
During March 31, 2023 and May 30, 2023 there is no material change and commitments
affecting the financial position occurred in the company.
13. Information on Conservation of Energy, Absorption of technology and Foreign
Exchange Earnings and Outgo. i) Conservation of Energy
The Company is making efforts to achieve energy efficiency and increase the mix of
renewable energy within the operations. a) Energy Efficiency
The company has shifted from conventional lights to LED lights in the stores and in the
warehouses, listed below are the impacts and benefits of installing the LED lights.
Energy Efficiency: LED lights are proven to consume significantly 50% less
energy than traditional tube lights, leading to immediate reductions in electricity bills.
Cost Savings: The longer lifespan and lower maintenance requirements of LED
lights result in reduced maintenance and replacement costs over time.
Enhanced Lighting Quality: The switch to LED lighting has led to improved
lighting quality, offering better visibility and creating a more comfortable environment
for employees and visitors.
Environmental Contribution: By reducing energy consumption and minimizing the
need for replacements, this project contributes to our sustainability goals and reduces
our carbon footprint.
The company has installed motion sensor LED lights for energy management within its
warehouse operations in FY 23 that indicated a reduction potential of 5%-8% in the energy
demand. The same is being evaluated for new warehouses also.
The company is also working on SOPs to achieve behavioural based energy efficiency
within the operations.
b) Renewable energy
We signed an agreement to wheel solar power from an independent power producer in FY 19
an agreement for 9 years expected to cover 80-95% of the energy demand at AFL's corporate
office. We have a potential of mitigating ~1,030 tons of carbon dioxide on an annual
basis.
Company is exploring the potential of shifting its warehouses to renewable energy in
the near future. The preliminary survey for the installation of rooftop solar panels is
conducted by the external agencies.
Company is also engaging with its vendor partners to enable their transition to
renewable energy thereby reducing the overall carbon footprint of its products
ii) Absorption of technology
The Company has not absorbed any technology.
iii) Foreign Exchange Earnings and Outgo
|
|
Rsin Crores |
Particulars |
2022-2023 |
2021-2022 |
Earning in Foreign Currency |
13.55 |
11.42 |
Expenditure in Foreign Currency |
415.68 |
38.12 |
14. Nomination & Remuneration Policy of the Company
The Board has, on the recommendation of the Nomination and Remuneration Committee,
framed a policy for selection and appointment of Directors, Key Managerial Personnel and
Senior Management and their remuneration. The Remuneration Policy is available on the
Company's website at h t t p s : / / w w w . a r v i n d f a s h i o n s . c o m / w p
-content/uploads/2019/05 / Nomination-and-Remuneration-Policy.pdf
15. Statement concerning development and implementation of Risk Management policy of
the company
The Board has, framed a policy to identify, assess, monitor and mitigate various risks
to key business objectives. Major risks identified by the businesses and functions are
systematically addressed through mitigating actions on a continuing basis. The Risk
Management Policy is available on the Company's website at
https://www.arvindfashions.com/wp-content/uploads/2019/03/Risk-Management-Policy.pdf
16. Corporate Social Responsibility (CSR)
The Company's initiatives for social advancement has be undertaken through Strategic
Help Alliance to Relief to Distressed Areas (SHARDA) Trust. In addition, the skills of
vast majority of Employee Talents that the company has will be utilized in accomplishment
of its CSR vision.
We have supported and will continue to fund the ongoing projects mentioned below:
1. Supporting Government School Children
2. Providing Scholarships for higher education
3. Projects around Company's Area of Operations
During the year the company has spent Rs16.31 Lakhs through Strategic Help Alliance to
Relief to Distressed Areas (SHARDA) Trust as the CSR expenditure. The Annual Report on CSR
Activities in prescribed format including details of Corporate Social Responsibility
Initiatives is enclosed as an Annexure-A. 17. Board Evaluation
Pursuant to the provisions of the Companies Act, 2013 and Regulation 17(10) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of
Directors ("Board") has carried out an annual evaluation of its own performance
and that of its Committees and individual Directors. The manner in which the evaluation
has been carried out has been explained in the Corporate Governance Report.
18. Change In the nature of the Business
There was no change in the nature of the business during the year under review.
19. Directors & Key Managerial Personnel
The Board of Directors consists of 12 (Twelve) members, comprising of 1 Managing
Director, 5 Non-Executive Directors and 6 Non-Executive Independent Directors.
As per the provisions of Section 152 (6) of the Companies Act, 2013, Mr. Sanjay Lalbhai
(DIN:00008329) and Mr. Suresh Jayaraman (DIN: 03033110), will retire by rotation at the
ensuing Annual General Meeting and being eligible, offered themselves for re-appointment
as the Directors of the Company.
The Independent Directors have submitted a declaration that each of them meets the
criteria for independence as provided in Section 149 (6) of the Companies Act, 2013 and
Regulation 16(1)(b) of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 and there has been no change in the
circumstances which may affect their status as an Independent Director during the year.
As per the provisions of Section 203 of the Companies Act, 2013, Mr. Shailesh Shyam
Chaturvedi Managing Director & CEO, Mr Girdhar Kumar Chitlangia Chief Financial
Officer, Ms. Lipi Jha company secretary are the Key Managerial Personnel of the Company.
Mr. Piyush Gupta, Chief Financial Officer has resigned from his office w.e.f January 5,
2023 and Mr. Girdhar Kumar Chitlangia has been appointed as Chief Financial Officer w.e.f
January 6, 2023. Ms. Vani kola and Ms. Abanti Sankaranarayanan Independent Directors of
the company have resigned from their office w.e. July 1, 2022 & March 10, 2023,
respectively.
Mr. Manoj Nakra and Ms. Ananya Tripathi have been appointed as Independent director's
w.e.f July 1, 2022 & March 14, 2023, respectively.
20. Disclosure under Section 67(3)(c) of the Companies Act, 2013
No disclosure is required under section 67(3)(c) of the Companies Act, 2013 read with
Rule 16(4) of the Companies (Share Capital and Debentures) Rules, 2014, in respect of
voting rights not exercised directly by the employees of the Company as the provisions of
the said section are not applicable.
21. Auditors
Statutory Auditors
M/s. Deloitte Haskins & Sells, Chartered Accountants (ICAI Firm Registration No.
117365W) were appointed as the Statutory Auditors of your Company for a period of five
consecutive years at the Annual General Meeting ("AGM") held on August 23, 2021.
The Report given by the Auditors on the financial statements of the Company is part of the
Annual Report.
Secretarial Auditors
Pursuant to provisions of Section 204 of the Companies Act, 2013 read with Rule 9 of
the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, your
Company engaged the services of M/s. N. V. Kathiria & Associates, Company Secretary in
Practice, Ahmedabad to conduct the Secretarial Audit of the Company for the financial year
ended March 31, 2023. The Secretarial Audit Report (in Form MR-3) of the Company and its
material Subsidiary Company is enclosed as an Annexure-B to this Report.
22. Subsidiaries / Controlled Entities / Associates
As on March 31, 2023, the Company has 4 subsidiary companies and 1 controlled entity
jointly owned with PVH BV.
Pursuant to the provisions of Section 129(3) of the Companies Act, 2013 read with the
Companies (Accounts) Rules, 2014, a statement containing salient features of financial
statements of subsidiaries and Controlled Entities in Form AOC-1 is attached to the
Financial Statements. The separate audited financial statements in respect of each of the
subsidiary shall be kept open for inspection at the Registered Office of the Company. The
Company will also make available these documents upon request by any Member of the Company
interested in obtaining the same. The separate audited financial statements in respect of
each of the subsidiary are also available on the website of the Company at
www.arvindfashions.com The Company has framed a policy for determining material
subsidiaries, which has been uploaded on company's website at
https://www.arvindfashions.com/wp-content/uploads/2018/11/AFL-Policy-on-Material-Subsidiaries.pdf
23. Consolidated Financial Statements
The Consolidated Financial Statements of the Company are prepared in accordance with
relevant Indian Accounting Standards issued by the Institute of Chartered Accountants of
India and form part of this Annual Report.
24. Deposits
During the year under review, your Company has neither accepted nor renewed any
deposits within the meaning of provisions of Chapter V Acceptance of Deposits by
Companies of the Companies Act, 2013 read with the Companies (Acceptance of
Deposits) Rules, 2014.
25. Significant and Material Orders Passed by the Regulators or Courts or Tribunals
impacting the Going Concern status of the Company
There are no significant and material orders passed by the Regulators or Courts or
Tribunals which would impact the going concern status of the Company.
26. Internal financial Controls
The Company has in place adequate internal financial controls with reference to
financial statements and dedicated Internal Auditor to ensure its adequacy. The scope and
authority of the Internal Auditor is well defined in the organisation. To maintain its
objectivity and independence, the Internal Auditor reports to the Chairman of the Audit
Committee of the Board. The Internal Auditor monitors and evaluates the efficacy and
adequacy of internal control systems in the Company, its compliance with operating
systems, accounting procedures and policies of the Company. Based on the report of the
Internal Auditor, process owners undertake corrective action in their respective areas and
thereby strengthen the controls. Significant audit observations and corrective actions
suggested are presented to the Audit Committee of the Board. The Statutory Auditor of the
Company has also given an opinion that the Internal Financial Controls over Financial
Reporting are adequate and are operating effectively at the end of the financial year.
27. Disclosure of composition of Audit Committee
The Audit Committee consists of the following Members; i) Mr. Nagesh Pinge
Independent Director ii) Mr. Nilesh Shah Independent Director iii) Ms. Ananya
Tripathi Independent Director iv) Ms. Nithya Easwaran Non-Executive Director
28. Transfer of Unclaimed Dividend to Investor Education and
Protection Fund
The Provisions of Section 125(2) of the Companies Act, 2013, do not apply as there was
no dividend declared and paid since incorporation of the Company.
29. Share Capital
During the year under review, the Company has increased its paid-up capital from Rs.
52,97,45,522/- to Rs. 53,12,53,262/- by allotting 3,63,847 equity shares under ESOP scheme
of the company.
A. Issue of Equity Shares with differential rights No such issue and accordingly
no compliance B. Issue of Sweat Equity Shares - No such issue and accordingly no
compliance
30. Employee Stock Option Schemes (ESOS)
The Company has instituted the Employees Stock Option Scheme (ESOS) 2016, 2018 and 2022
to grant equity-based incentives to certain eligible employees and directors of the
Company and its subsidiary and holding companies. During the year under review, the
Company has granted stock options to eligible employees. Disclosures in compliance with
Section 62 of the Companies Act, 2013 and Rule 12 of Companies (Share Capital and
Debentures)
Rules, 2014 and the Securities and Exchange Board of India (Share based Employee
Benefits) Regulations, 2014 are set out in Annexure - C to this report.
31. Vigil Mechanism
The Company has a vigil mechanism named Whistle Blower Policy to deal with instances of
unethical behaviour, actual or suspected fraud or violation of the Company's Code of
Conduct or ethics policy. The details of the Whistle Blower Policy are explained in the
Corporate Governance Report and also posted on the website of the Company at h t t p s : /
/ w w w . a r v i n d f a s h i o n s . c o m / w p
-content/uploads/2019/04/Whistleblower-Policy.pdf
32. Familiarization programme for the independent directors
In compliance with the requirements of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Company has put in place a familiarization programme
for the Independent Directors to familiarize them with their role, rights and
responsibility as Directors, the working of the Company, nature of the industry in which
the Company operates, business model etc. The details of the familiarization programme are
explained in the Corporate Governance Report are also available on the Company's website
at
https://www.arvindfashions.com/wp-content/uploads/2018/11/AFL-Familiarisation-Programs-of-Independent-Directors.pdf
33. Corporate Governance Report and Management
Discussion & Analysis Report
The Corporate Governance Report, together with the Certificate from the secretarial
auditor of the Company regarding compliance of conditions of Corporate Governance as
stipulated in Schedule V of Regulation 34(3) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 is included in the Annual Report.
A separate section on Management Discussion and Analysis Report (MDA) is included in
the Annual Report as required under Regulation 34(2)(e) of the SEBI Listing Regulations
34. Business Responsibility and Sustainability Report
The Business Responsibility and Sustainability Report for the year ended March 31, 2023
as stipulated under Regulation 34 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 is annexed which forms part of this Annual Report.
35. Particulars of Employees
The information required pursuant to Section 197(12) of the Companies Act, 2013 read
with Rule 5(2) and 5(3) of The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 in respect of employees of the Company, will be provided upon
request. In terms of Section 136(1) of the Companies Act, 2013, the Annual Report and
Accounts are being sent to the Members and others entitled thereto, excluding the
information on employees' particulars which is available for inspection by the Members at
the Registered Office of the Company during business hours on working days of the Company
up to the date of the ensuing Annual General Meeting. If any Member is interested in
obtaining a copy thereof, such Member may write to the Company Secretary in this regard.
Disclosures pertaining to remuneration and other details as required under Section
197(12) of the Companies Act, 2013 read with Rule 5(1) of the (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 are given in Annexure - D to this
report.
36. Disclosure as per sexual harassment of women at Workplace (prevention, prohibition
and Redressal) Act, 2013
The Company has zero tolerance for sexual harassment at workplace and has adopted a
policy against sexual harassment in line with the provisions of Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed
thereunder. The Company has also formed Internal Complaint Committee and the Committee
members are experts on handling the investigations and proceedings as defined in the
policy.
During the financial year 2022-23 3 (Three) cases of sexual harassment were received by
the Company, its subsidiaries and the same had been satisfactorily addressed before 31st
March 2023 except one case which is pending for disposal.
37. Human Resources
At Arvind Fashions, we believe that our people are our most important asset. We are
guided by the CCPP formula: Care for our employees which leads to Confidence in our
employees and teams that deliver highest standards of Performance resulting in their
development and Promotion. Our strong Collaborative' culture inspires passion,
commitment and spirit of contribution in our employees.
We have a vibrant workforce of over 5800 employees with an average age of 29 years and
a gender diversity of 16%. We are an employer of choice for some of the most talented
individuals across the country due to the quality of work, autonomy, growth and supportive
environment provided to our employees.
At Arvind Fashions, our Employee Engagement framework keeps the holistic growth and
wellness of our people at its centre. "Arvind Voice" is a program designed to
give employees a platform to express their opinions, concerns and suggestions openly. This
initiative aims to foster a culture of transparency, open communication and empowerment.
Leaders connect with employees through townhalls and employee connect programs and share
key achievements, challenges and the way forward. We provide rewards and recognition to
our employees in the form of Retail, Value and Spotlight awards to reinforce the
behaviours and values that are essential for our growth.
Arvind University our learning and development centre of excellence plays
a pivotal role in cultivating a skilled, adaptable and motivated workforce. At Arvind
Fashions, we are committed to their continuous learning and professional growth which sets
us apart as an employer of choice. Our programs are strategically aligned with our
business objectives and are designed to address current and future skill gaps thereby
ensuring our workforce remains agile and ready to embrace the changing retail landscape.
Arvind Express our career progression initiative provides employees a
transparent and structured process to help take on larger roles within the company. As
part of our organizational assessment process, we utilize a holistic approach that blends
both Machine Learning and Human Intervention for strategic evaluation of employee
performance and potential to provide critical feedback for employee development.
Our progressive policies and practices such as Flexi-time policy, Equal Employment
Opportunity policy, Paternity & Adoption policy, Cr che Services along with our
Professional Development initiatives and internal career mobility ensures that an
environment of empowerment, growth and engagement is created for all employees.
Arvind Care our safety and wellness initiative goes beyond traditional
benefits. It reflects our deep concern for health, happiness and wellness of each of our
employees. The key initiatives include free health check-ups, Doctor-on-Call, Weekly
doctor visit, Medical room with nursing facility and Gym for employees. Apna Arvind is a
comprehensive employee self-service platform which provides employees instant support on
policies, payroll related services, learning and development, career progression and
performance and wellness with the click of button.
Arvind Fashions remains committed to nurturing a workforce that can thrive personally
and professionally and contribute to the sustained success and growth of our organisation.
38. Acknowledgement
The Directors wish to express their appreciation for the continued support of bankers,
financial institutions, customers, and various Government agencies. The Directors also
wish to thank all the employees for their contribution, support and continued cooperation
throughout the year.
For and on behalf of the Board of |
|
Arvind Fashions Limited |
|
sd/_ |
sd/_ |
Sanjay S. Lalbhai |
Shailesh Shyam Chaturvedi |
Chairman & Director |
Managing Director & CEO |
DIN :00008329 |
DIN :03023079 |
Place: Ahmedabad |
Place: Bangalore |
Date: 30/05/2023 |
Date: 30/05/2023 |