Pearl Global Industries Limited expands its facility in Indonesia

Pearl Global Industries Limited, one of India's largest garment exporters has announced expansion at its Indonesia facility. This new facility has been built on the land acquired in the year 2021 for expanding operations and the new facility replaces the one old facility which was on lease.

Total capacity after new facility is 35%+ higher compared to earlier lease facilities in Indonesia. New facility will be able to manage more complex processes, which will help us to deliver more value-added products to the clients, which shall result in improved per piece realizations. This higher capacity is expected to yield higher revenues for Indonesia in FY 24-25.

Capex of USD 3.5 million (~Rs 29 crores) was incurred for this expansion which was majorly funded by internal accruals.

Commenting on the above, Mr. Pallab Banerjee, Managing Director, Pearl Global Industries Limited said: "We have successfully leveraged on the land acquired earlier in Indonesia to expand our operations, which will result in overall increase in capacities as well as our capabilities to deliver value added products. This strategic move is a testament to the company's commitment to pursuing growth opportunities and optimizing its assets for maximum returns. By utilizing the newly acquired land for expansion, we are well-positioned to strengthen our market share and capitalize on the growing demand in the region."

Commenting on the expansion, Mr. Rajesh Ajwani, CEO, Pearl Global Industries Limited Indonesia Operations said: "I am proud to announce the expansion of our facilities in Indonesia. This strategic move will enable us to offer more valueadded products to our clients and strengthen our market share in the region. With the new facility, we are equipped to manage more complex processes, which will not only help us improve per-piece realizations, but also enable us to better serve our customers' evolving needs."

Shares of Pearl Global Industries Limited was last trading in BSE at Rs. 415.55 as compared to the previous close of Rs. 423.30. The total number of shares traded during the day was 579 in over 71 trades.

The stock hit an intraday high of Rs. 423.70 and intraday low of 409.85. The net turnover during the day was Rs. 240843.00.

Source : Equity Bulls

Keywords

PearlGlobalIndustries INE940H01014 Expansion Indonesia Facility