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Indian textile firm SEL's turnover rises 35% in FY12
05
Jun '12
SEL Manufacturing Company Limited, the Ludhiana, Punjab-based textile firm, has clocked a remarkable 35.01 percent rise in its turnover during last fiscal.

SEL's sales increased from 2010-11's Rs. 17.264 billion to Rs. 23.308 billion during last fiscal.

The growth registered by the company, which is into manufacturing of yarns, knitted fabrics and readymade garments, is remarkable considering the fact that the industry is witnessing a phase of turbulence.

The company's net profit, however, plummeted from previous year's Rs. 1.125 billion to Rs. 828 million during last fiscal.

Executive Director and CEO of the firm, VK Goyal attributed the growth in turnover to efforts of all employees, while he held high cost of production and increased depreciation as factors that led to a decline in its net profit.

Commenting on the bad phase that the industry is passing through, Mr. Goyal said the last fiscal was marked by high volatility in cotton prices. He added that even though the commodity prices dropped towards close of last season, they still remain considerably high as compared to previous years.

In spite of being surrounded by several problems, the company successfully established India's largest spinning unit at a single site at Mehatwara village in Sehore, Madhya Pradesh, in April, 2011. Moreover, it has also begun setting up of a high-tech integrated textile part at Panjava village in Muktsar, Punjab.

Fibre2fashion News Desk - India

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