July 13, 2024

Our JourneyOf 50 Years Is AMomentous Occasion For Us

Being three times larger than our closest competitor is a testament to the trust our customers place in us, states Jagan Mohan Balaji 

How would you describe the market performance for your company in India last year, and what are your projections for this year?
The market has presented its challenges over the past few months, but we’re seeing signs of improvement. In the last couple of months, there’s been a slight upswing, supported by indicators such as increased online and retail sales of garments and apparel in the US market. Additionally, the pipeline is gradually clearing, indicating better prospects ahead. While last year was challenging, we did experience growth compared to the previous year, largely due to increased market share in global markets. Looking ahead, we anticipate further improvement in the next four to five months. While we don’t expect an immediate and dramatic turnaround, we anticipate a gradual improvement, with things picking up from August onwards. Overall, we’re optimistic that the next few years will be better than the last two.

LRT has reached a significant milestone of 50 years. How has this journey been for LRT?
It’s indeed a momentous occasion for us, marking a great milestone in our journey. We owe immense gratitude to all our customers who have stood by us over the years. Currently, we serve over 6,000 customers worldwide, spanning across 45 countries. Our travelers have been sold to more than 80 million spindles globally, underscoring our substantial market presence. Being three times larger than our closest competitor is a testament to the trust our customers place in us. It’s the combination of our superior products and the trust we’ve earned that has established us as a prominent player in the traveler business.

Let’s talk about LEED and your sustainability initiatives?
Our journey with LEED began in 2011, where we provide comprehensive environmental solutions. This includes water treatment, covering both raw water and wastewater treatment, alongside various technologies for these processes. Additionally, we focus on solid waste management, offering solutions such as biogas plants and organic waste converters. Our focus extends globally, with exports to over 20 countries and projects spanning locations like Uzbekistan, Kenya, Indonesia and India. We’ve experienced significant growth in this segment and aim to double it annually.

In terms of sustainability, our approach is two-fold. Firstly, within the LRT group, we operate as a zero-carbon neutral company, sourcing our energy from wind and solar to minimize reliance on the grid. Secondly, through LEED, we offer our customers solutions geared towards sustainability and environmental stewardship. What started as a CSR initiative evolved into a business venture aimed at giving back to society. Profit-making isn’t our primary focus in this endeavour; instead, any profits generated are reinvested into R&D and other purposes to further our sustainability efforts.

How was Bharat Tex for you? Did the exhibition meet your expectations?
To be honest, when Bharat Tex was announced three or four months ago, I never anticipated it would reach such a scale in such a short span of time. The sheer magnitude of organizing a massive exhibition like this is something only the government could accomplish. They’ve truly done a commendable job, and I believe they deserve praise for the success of the first edition. Bharat Tex presents a fantastic opportunity for stakeholders across the entire value chain to showcase their products and ranges. Major industry players will undoubtedly participate and continue to do so in the future. As I believe it’s a remarkable initiative by the government that will significantly contribute to promoting Brand India and advancing the textile industry.

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