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Shri Lakshmi Cotsyn sets 78% growth target for FY'12
03
Oct '11
Shri Lakshmi Cotsyn, an India-based textile and home furnishing company, has set a target to achieve Rs. 32 billion in sales during 2011-12, which would be 78 percent more than the Rs. 18 billion posted by the company in 2010-11. The company follows a July to June accounting year.

The company has set such a high target as the expansion of its terry towel division is now complete and its capacity has now grown to 15,000 tons per year from the earlier 3,000 tons per year.

Along with its sales, the firm also expects its net profit to grow from Rs. 1.05 billion in fiscal 2010-11 to Rs. 1.25 billion in fiscal 2011-12, an increase of 19 percent.

In the current fiscal, Shri Lakshmi Cotsyn is expanding its capacities for production of bed linen, denim fabrics, technical textiles and fusible interlining at a cost of Rs. 9.97 billion. Of these, Rs. 6.93 billion will be raised through term loans, Rs. 1.75 billion would be raised through equity, and the remaining through internal accruals.

Last fiscal, the company's exports stood at Rs. 2.25 billion and it is expecting it to grow to Rs. 3.5 billion this fiscal, that is, a rise of about 55 percent.

At present, the company exports its products to the US, Europe, South Africa, Middle East, Sri Lanka and Bangladesh. The company is now exploring export opportunities to Canada, Australia, Japan, and some European countries like Germany and Portugal.

Fibre2fashion News Desk - India

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