Shri Lakshmi Cotsyn scores high on technical, home textiles, garments & accessories
Dr Agarwal, CMD, Shri Lakshmi Cotsyn
Notching 40 percent top line growth compared to corresponding quarter and an impressive rise in profit as well, Shri Lakshmi Cotsyn scored success in most of its product categories like technical textiles, home textiles, garments & accessories.
Speaking exclusively to Fibre2fashion, Dr M P Agarwal, Chairman cum Managing Director informs, “We attribute this growth in sales to our technical textile segment from where we have recorded 26.60% of the total sales i.e., Rs 308.09 Crores.
Besides other important segments like Suiting & Shirting (17.36%), Denim (15.83%), Home Furnishing (11.20%), Terry Towel (10.02%), Bottom Weight (5.96%), Nylon coated Fabric (2.27%), other subsidiary (8.87%), Misc. including garment, quilt, embroidery etc. (1.89%), have also contributed significantly.”
Turning to huge capex plans and sales turnover for the current financial year, Dr Agrawal says, “The Financial Closure of our Terry Towel Expansion Project costing Rs. 377.81 Crores is already complete and the project is under implementation. We expect to complete the same by March 2010. The other expansion/diversification programme announced recently will be completed in next 2 years. During the current accounting year 2009-10 we expect to achieve the turnover more than Rs. 1400 Crores.”
Detailing on Shri Laxmi Cotsyn's foray in the 'sunshine' technical textiles sector, he adds, “Our extensive expansion/diversification programme worth Rs 360 Crores includes, expansion of manufacturing capacity of Microdot Fusible interlining fabric from 12.50 mm to 25 mm per annum at a project cost of Rs. 60 Crores and diversification into Black-out Fabric, IRR Fabric, Flex Fabric and Carbon Fabric estimated at Rs. 300 Crores.”
Shri Lakshmi Cotsyn will invest Rs. 100-125 Crores through internal accruals/ equity and rest will be funded through a bank loan for the above projects revealed Dr Agrawal.
Dr Agarwal states, “Contrary to negative trends after the global meltdown that affected most of the of textile companies in India and abroad, Shri Lakshmi Cotsyn has embarked on an expansion/diversification to the tune of Rs 2700 Crores to be completed in next 3 years and we expect to achieve the turnover of Rs 5000 Crores in next 5 years.”
Since its inception in 1993, Shri Laxmi Cotsyn Limited has turned into a leading and a well diversified US $250million textile conglomerate involved in manufacturing of suitings & shirtings, fusible interlinings, bottomweight fabric, terry towel, home furnishing, denim fabric, zippers, embroidery fabric, quilted fabric & comforters, technical textiles, safety textile, SmartVest, armoured vehicles and value added bed linen.
In the safety textiles category, it has a mix of bullet proof jackets, coat combat, sleeping bags, IR camouflage nets, ballistic body armour, bulletproof helmet, web equipment.
Under technical textiles group, it manufactures PU coated nylon fabric, fire retardant fabric, water proof /repellant fabric, NBC fabric, breathable fabric and camouflage printed fabric.
Fibre2fashion News Desk - India