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Suumaya Industries Ltd. (NSE Code: SUULD), formerly Suumaya Lifestyle Limited, an emerging diversified conglomerate group, reiterated the blueprint of 'Suumaya 2.0' and graduating to the second and more decisive phase of the vision in its Annual General Meeting (AGM) held on Tuesday.After achieving soaring success in textiles, Suumaya 2.0 has now ventured into agri-business with new vision, new direction and new scale, growing from one business to multiple businesses. In a pandemic-affected world, Suumaya Industries has selected to respond to emerging opportunities, enhance organisational velocity and take a decisive step towards emerging as a multi-business conglomerate."Suumaya 2.0 is at an inflection point in the company's existence that promises attractive sustainable growth from this point onwards. The family of the founders of Suumaya have been engaged in business for more than three decades, growing it from scratch to maturity. In Suumaya 2.0, the Company intends to grow faster, creating multiple revenue engines that enhance value for all stakeholders. Suumaya is backed by enriching experience of knowledgeable promoters," said Ushik Gala, the Chairman and Managing Director.Suumaya 2.0 is the story of a homegrown Company possessing the vision to carve out a global niche - for India and itself. The Company intends to leverage infrastructure capital, relationship capital and financial capital to dream big for its country and stakeholders. Suumaya 2.0 pledges to enhance consumer value and delight through the right complement of products and value."With our mantra, 'New vision. New direction. New scale.' and with change in millennial leadership and our efficient human capital, we could turn the adversities that COVID-19 brought along with it into a vast pool of opportunities. The beginning of the pandemic brought about the urgent requirements of medical textile on a nation-wide scale. India needed huge quantities of masks and PPE kits in an urgent basis. With our rich legacy in the textile sector, we were proactive enough to transform our manufacturing facilities into Covid-essential production units. This opened up new opportunities for us to be one of the bulk suppliers of masks and PPE kits in the country," further added Gala, highlighting Suumaya's significant contribution in fighting the Covid outbreak nationally.Suumaya Industries laid foundation of its agro business in these tough times which has emerged as one of its core businesses currently. The company responded to the widening opportunities in India's agriculture sector and addressed the large disintermediation potential within India's agri supply chain sector, starting from the last quarter of the last financial year. The timely decision was validated through improved financial outcomes (as measured by increased revenues and profits) that dominated the entire year's financial performance even though the business was in operation for only one quarter.There was a sharp increase in the Company's revenues and profits during the last quarter of FY 2020-21. The sharp outperforming improvement was the result of the launch of a new business - agri supply chain - driven by the management's conviction of responsible long-term intermediation."We have firm belief that the crisis of food will be the next big crisis for the human race. Suumaya, with its various types of businesses, pledges to be among the major contributors to the society and mankind. We ventured into trading of agricultural commodities during this difficult period which has validated our mantra of having new direction and scale. We invested in modern infrastructure across a range of agriculture-intensive locations. During a short period of time during the last quarter of FY 2020-21, our agri supply chain business commissioned ware-houses in Binola (Haryana), Patna (Bihar), Bakoli (Delhi), Lucknow (UP) and Jaipur (Rajasthan). The spread of these locations ensured a confidence-enhancing market presence, familiarity with ground realities and deep stakeholder partnerships," Gala shared.With the vision to create an organization that contributes to nation building, the Company intends to organise a largely unorganised market of farmers, mandis and agri-commodities, strengthening rural prosperity. We are engaged in extending our presence across the value chain to emerge as one of the dominant players across the entire agri supply value chain. Suu-maya Industries through its 100% subsidiary Suumaya Agro Ltd. has acquired majority of 51% stake in payAgri Innovations Pvt. Ltd., a tech driven agri & food business company solving the problems of key actors - Farmers, Processors and Consumers in the Agri value chain.Q1FY2021-22 Key Performance Highlights (Consolidated):Suumaya Industries Ltd. through its 100% full-owned subsidiary Suumaya Retail Ltd. has acquired a minority stake in the value retail chain startup Nysaa Retail Private Limited, which operates stores under the brand name 1-India Family Mart. This investment will enable Suumaya Industries to strengthen its foothold in the women's ethnic wear segment in the smaller towns along with value retailing of men's and kid's wear in BCD towns or rural India, the two companies said in a joint statement today.By gaining access to 100 + retail stores of 1-India Family Mart, this strategic partnership will help Suumaya Industries Ltd. increase its geographical footprint in tier-2, tier-3 and tier-4 towns in India. Besides, Suumaya Industries will also help 1-India Family Mart in developing its own private label in the fast-growing women's apparel category.Please log into the following link to watch the AGM recording:This story is provided by Hunk Golden and Media.will not be responsible in any way for the content of this article. (ANI/Hunk Golden and Media)( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Suumaya industries ltd, Latest News

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