16 costs have become a subject of concern to the domestic Textile industry. However, the Indian Textile industry is expected to grow by 10% CAGR to reach US$190 bn by 2025-26. The Indian Textile Chemicals industry is estimated at US$320 mn and is growing at about 6% CAGR. The Company expects an increasing trend for specialty finishes (repellents, antibacterial agents, etc) in coming times. It has also developed products with a special focus on changing machinery trends in the Textile industry. Uncertainty and consequent high volatility seen in certain rawmaterials may strain the sales margin. The Company will take necessary actions to defend the existing market and achieve further growth. Internal control systems Internal control systems of the Company are commensurate with the nature of its business and the size and complexity of its operations. These are routinely tested, certified and upgraded whenever required by the Statutory as well as the Internal Auditors covering all key areas of business. Significant audit observations and follow-up actions and recommendations thereon are reported to the Senior Management and the Audit Committee for their review. Human Resources The Company continued its drive to institutionalise and upgrade its HR processes, to help build a more robust workforce capable of managing dynamic and growing business needs. The process of identification and review of key initiatives has become stronger and is continuously upgraded. The requisite training was imparted during 2021-22. Employee relations remained cordial.
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