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Sutlej Textiles' total income up 12.75% in H1 FY18
28
Oct '17
Courtesy: Sutlej Textiles
Courtesy: Sutlej Textiles
Sutlej Textiles and Industries Limited, a leading manufacturer and exporter of value added dyed yarns with presence in home textiles, has reported total income of Rs 1,272.75 crore in the first six months of current financial year. This is an increase of 12.75 per cent over total income of Rs 1,128.86 in the first half of the previous fiscal.

For April-September 2017 period, Sutlej Textiles’ EBITDA stood at Rs 161.08 crore, PAT at Rs 87 crore and EPS (diluted) was Rs 5.31 per share.

During the second quarter, Sutlej had announced acquisition of design, sales and distribution business along with brand of America Silk Mills LLC (ASM) based at Plains, Pennsylvania. The acquisition will increase footprint in the US market and will add strength of ASM to Sutlej’s home textile portfolio. Sutlej will also invest up to $5 million in its wholly owned subsidiary in the US.

The quarter also saw commencement of commercial production of 35,280 spindles at Bhawanimandi, Rajasthan facility at a project cost of Rs 270 crore. The project was funded by a mix of internal accruals and term loans sanctioned under TUFS. The dedicated capacity is focused towards producing value added cotton and cotton blended dyed and mélange yarn. Commercial production on 17 circular knitting machines is expected to begin this quarter.

Sutlej also announced capacity expansion plan of 28,800 spindles at its Baddi, Himachal Pradesh facility. Estimated project cost is Rs 215 crore and commercial production is likely to start in FY20. Incremental capacity would be dedicated towards manufacturing of 100% polyester industrial yarn and other grey blended specialty synthetic yarn.

The company invested around Rs 31 crore during H1 FY 18 towards technology upgradation and debottlenecking, etc. This will result in further improvement in efficiency and sustaining plant utilisation.  It intends to deploy further amount of Rs 49 crore during FY18 towards technology upgradation and debottlenecking, etc. (RKS)

Fibre2Fashion News Desk – India


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