BSL, Fabric maker earmarks capex, targeting Rs 700 crore revenue in FY24
04 January 2022, Mumbai:
Fabric manufacturer BSL, formerly Bhilwara Synthetics, has planned a capital expenditure of Rs 150 crore to augment cotton spinning capacity at its facility in Rajasthan and is aiming at Rs 700-crore revenue during 2023-24 fiscal, a company official said.
The capital expenditure (capex) will also help boost sales and profitability, BSL's Managing Director Nivedan Churiwal told PTI.
"We are focusing on revenue, growth, and a healthy bottom line and will invest Rs 150 crore at our facility in Rajasthan's Bhilwara to expand cotton spinning capacity," he said.
The company had posted over Rs 321-crore revenue from operations in the 2020-21 financial year.
It has signed an MoU with the Rajasthan government, which will give fiscal incentives, in the form of interest subsidies, Churiwal said.
BSL has suiting, furnishings, and yarn spinning verticals.
Suiting contributes around 60 per cent of the annual revenue, while furnishing is the most profitable line of business, the company official said.
Exports account for around two-thirds of the turnover, and domestic sales contribute the rest, Churiwal said.
The first quarter of the last fiscal was the worst due to the COVID-19 pandemic, for which the company had to reduce manpower and rationalise the cost, he added.
(The news article has not been edited by DFU PUBLICATIONS staff)
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