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Suryalakshmi scripts turnaround. To double revenue
28
May '10
The Secunderabad based Suryalakshmi Cotton Mills after having achieved a turnaround is now targeting a turnover of Rs 10 billion by 2013-14. This is more than double the revenue generated in the previous fiscal year which stood at Rs 4.16 billion.

Following a split between promoters of the company in 2005, the yarn, fabric, denim and garment producer, once again built capacities over a period of four years and was able to chalk a net profit of Rs 435 million in the previous fiscal against a loss posted in 2008-09.

Suryalakshmi's programme of modernization and achieving higher production capacity has resulted in its denim production multiplying from 10 million meters to 40 million meters per annum, while yarn production capacity has also increased multifold.

The company has set for itself a scorching expansion drive in to order to meet the Rs 10 billion revenue target. 10,000 additional spindles are expected to be operational in August and spinning capacity will grow multi-fold in the next one year.

Commenting on the reasons for the company facing difficult times, Mr P Siva Subramanyan, Vice-President (Finance) told fibre2fashion, “Downturn in demand & capacity issues in denim industry & general issues relating to the textile industry are the main reasons”.

“However, the last two quarters were good & particularly the fourth quarter in which we achieved a turnover of Rs 1.17 billion, with a profit before tax of Rs 79.3 million”, he added by saying.

Informing about the future expansion plans of Suryalakshmi he said, “We are setting up a 25 MW captive thermal power plant at Ramtek & adding 10,000 spindles in spinning division and further we have plans to add spinning capacity multifold”.

Fibre2fashion News Desk - India

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