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Cheslind Textiles targets 22% growth in FY'12
04
May '11
Yarn producer, Cheslind Textiles is targeting a top line growth of around 22 percent in fiscal 2011-12, over the previous fiscal. It plans to grow revenues from Rs 1.85 billion to Rs 2.25 billion.

Fourth quarter 2010-11 revenues shot up by 50 percent mainly due to increase in prices of finished goods. Cheslind also undertook an intensive de-bottle necking in all production activities, which resulted in production going up by 14 percent and cash profit shooting up by 237 percent in 2010-11.

Giving reasons for the explosive growth in the fourth quarter, Mr Prakash Maheshwari, Director - Cheslind Textiles told fibre2fashion, “There has been a 50 percent growth in the fourth quarter, basically resulting from hike in cotton prices and the consequent increase in the price of yarn. Production also rose 12-14 percent and we brought in changes in the product mix in the form of high-value added products”.

Speaking about the revision in the just announced revised Technology Up-gradation Fund scheme (TUFs), he said, “There is nothing much about the revised TUFS, however, it has been extended till March 31, 2012, which means that whatever investment is done in modernization or expansion in the spinning industry, one can avail of TUFs again”.

“We are also looking forward to making certain investment for modernization, so it will definitely help, considering that the interest rate is now 4 percent against the earlier 5 percent. TUFs has certainly helped the industry in the last few years, as productivity has gone up and now we are also able to meet global quality standards”.

When quizzed about any capacity expansion plans at Cheslind Textiles, he replied by saying, “Not in Cheslind Textiles, because our first priority is to modernize, because this mill is almost 15 years old and we need to put in money for modernization now”.

Fibre2fashion News Desk - India

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