Hirdaramani Annual Report 2024

For a manufacturer based in Sri Lanka, the stakes were even higher. The domestic economic crisis of 2022-2023 tested the operational limits of every export-oriented business. However, the Hirdaramani report for 2024 highlights a year of consolidation and cautious optimism. The Group has seemingly weathered the storm, leveraging its diversified manufacturing footprint across Sri Lanka, Bangladesh, and Vietnam to mitigate regional risks.

The Hirdaramani Foundation redirected focus toward . We established four Community Tech Hubs in rural garment-proximate villages, offering free coding, English, and financial literacy to 1,500 youth and dependents of employees. Additionally, our “Retire with Dignity” provident fund enhancement ensured that 98% of retiring workers receive a lump sum equivalent to two years’ final salary.

A commitment to reduce absolute Scope 1 and 2 greenhouse gas (GHG) emissions by 54.6% by 2033 from a 2022 base year.

Hirdaramani secured the Gold Award in the Apparel Industry category for its Mihila facility. Financial Context (Affiliated Entities) hirdaramani annual report 2024

The marks a major milestone in the conglomerate’s journey toward transparent, independently audited, and GRI-aligned corporate responsibility. Anchored by its core philosophy, “Continuous Progression, Together,” and executed through its “Future First” framework, the 2024 disclosure outlines the multinational manufacturer’s aggressive shift toward a fully sustainable value chain across Sri Lanka, Bangladesh, Vietnam, and Ethiopia.

Looking ahead, the Hirdaramani annual report 2024 would note that the Group now employs over 55,000 associates across six countries, with production facilities in Sri Lanka, Bangladesh and Vietnam producing approximately 12 million garments each month. The addition of Mihila Tex in 2025 will further enhance vertical integration, reduce lead times for customers and create hundreds of new jobs.

┌────────────────────────────────────────────────────────┐ │ HIRDARAMANI 2024 CORPORATE PILLARS │ └───────────────────────────┬────────────────────────────┘ │ ┌─────────────────────────┼─────────────────────────┐ ▼ ▼ ▼ ┌─────────────────┐ ┌─────────────────┐ ┌─────────────────┐ │ Environmental │ │ Social Impact │ │ Operational │ │ Stewardship │ │ & Workforce │ │ & Supply Chain │ └─────────────────┘ └─────────────────┘ └─────────────────┘ Environmental Stewardship & Net-Zero Targets For a manufacturer based in Sri Lanka, the

The group’s corporate and operational decisions are governed by four primary organizational pillars:

Let’s continue building the future — responsibly, together.

We are proud to release our — a testament to a year defined by purposeful growth, resilience, and innovation. The Group has seemingly weathered the storm, leveraging

The most significant update in the 2024 disclosure is the official validation of . This places the group among an elite cohort of global manufacturers aligning their carbon reduction pathways with the 1.5°C climate threshold. Hirdaramani Apparel Sustainability Report 2024

The Group implemented HSBC’s H2H integration solutions, providing greater financial flexibility for payments and reconciliation across its sophisticated global operations.

: Hirdaramani Apparel secured four awards, including a Gold Award for its Mihila facility and honors for its Ja-ela/Sithro and Seethawaka washing plants. Retail Sector: ODEL PLC (Financial Year 2023/24)

The path forward is not without its challenges. The Sri Lankan apparel industry, while growing in 2024, is still recovering from the record highs of 2022. Furthermore, monthly export data for December 2024 showed a modest 2% year-on-year growth, with exports to the US and UK declining 4% and 10% respectively, indicating continued market volatility. The entire industry also continues to grapple with global economic uncertainty, evolving consumer values, and the need for constant innovation.