PDS announces 9M FY 2022-23 financial results and appoints new Group CFO
With a reported topline of Rs 10,611 crore, PDS has established itself as India’s largest multinational B2B apparel company in terms of size of business with a unique global platform built to achieve growth & scalability.
PDS, the global fashion infrastructure company offering product development, sourcing, manufacturing, and supply chain management catering to leading global brands and retailers, has announced its financial results for Q3 and 9M FY23.
With a reported topline of Rs 10,611 crore, PDS has established itself as India’s largest multinational B2B apparel company in terms of size of business with a unique global platform built to achieve growth & scalability. The initiatives rolled out by Indian Government are focused to make India the leading player in the textile and apparel industry. The company has already garnered exclusive sourcing agreements from leading brands for India and is focused on further fortifying its footprint in the country. The company is pursuing strategic opportunities to expand its manufacturing footprint for further strengthening its capabilities in the region. Through these initiatives, the company aims to contribute to the growing exports of India and the “Make in India” drive.
The sourcing segment clocked a topline of Rs 7,497 crore in 9M FY23, accounting for 96 per cent of the company’s topline with a growth of 29 per cent compared to the previous year. The segment reported an EBIT of 4 per cent with a ROCE of 47 per cent. The manufacturing segment recorded growth of 32 per cent with a topline of Rs 502 crore vs Rs 382 crore in 9M FY22. The segment reported an EBIT of 4.2 per cent in 9M FY23 vs a loss of 5.6 per cent in the previous year. Further, this segment delivered 3 per cent PAT margin in 9M FY23 vs a loss of 6.3 per cent last year.
The company also announced the appointment of Rahul Ahuja as the Group CFO of PDS.
Ahuja joined PDS Group as COO & CFO of new businesses in India and was responsible for spearheading strategic initiatives. He has now taken on the role of Group CFO and will report to Sanjay Jain (Group CEO).
Ahuja is a seasoned finance professional with 27 years of industry experience. He has spent 15 years in corporate banking with pedigree foreign institutions including Standard Chartered, Scotiabank, GE Capital. In his previous assignment, he was the President & Dy CFO for HDFC Ergo General Insurance. During his career, he has been in the CFO role for the last 12 years, during which he has also worked with Max India Group and Bharti AXA General Insurance. He has handled large corporate accounts in the apparel and textile sector and has rich experience in fundraising, cash management, mergers and acquisitions, private equity transactions, business structuring to unlock value, turning around businesses, business transfer, shareholder & joint venture management, and investor relations. Ahuja has hands-on experience in risk management, managing investment portfolios, financial planning and analysis, budgeting and forecasting, and improving productivity and operational processes. He also has vast experience in dealing with the board of directors and shareholders and has served on the board of multiple companies.