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Textile firm ICIL predicts turnover of Rs 120 crore
03 Jan '06
3 min read
Cotton yarn and knitted fabrics maker Indo Count Industries Limited (ICIL) expects Rs 120 crore turnovers from its diversified business of electronic manufacturing services by the end of this fiscal.
'Even though we started this new operation in October 2004, we touched Rs 57 crore in last fiscal. We have already grossed Rs 60 crore. Hence we expect this business to touch Rs 120 crore turnover by this fiscal with a net profit of Rs 3.5 crore to 4 crore,' company Director Mohit Jain said.
Jain included 'This would be made possible through our equipped management, modern machineries and strong logistics support. We also have complete support from electronic giants like LG, Samsung and TCL who are our core clients.'
The new diversified unit has already become the fourth largest supplier of flat colour television (CTVs) sets to LG and was recently given Best Quality Supplier Award by Chinese company TCL, he said.
He also said 'In mid-2004, we realised that the company had surplus money. We then thought of diversifying in to another business which would be less capital intensive, but offering more returns. With the electronics market growing in India then, we decided to start manufacturing CTVs, computers, DVDs and other white goods.'
"The MNCs opted for our services, mainly due to the size and modern machineries of our spinning plant at Kolhapur along with our strong logistics chain," Indo Count Vice-president (Finance) K Muralidharan said.
'Even though we started this new operation in October 2004, we touched Rs 57 crore in last fiscal. We have already grossed Rs 60 crore. Hence we expect this business to touch Rs 120 crore turnover by this fiscal with a net profit of Rs 3.5 crore to 4 crore,' company Director Mohit Jain said.
Jain included 'This would be made possible through our equipped management, modern machineries and strong logistics support. We also have complete support from electronic giants like LG, Samsung and TCL who are our core clients.'
The new diversified unit has already become the fourth largest supplier of flat colour television (CTVs) sets to LG and was recently given Best Quality Supplier Award by Chinese company TCL, he said.
He also said 'In mid-2004, we realised that the company had surplus money. We then thought of diversifying in to another business which would be less capital intensive, but offering more returns. With the electronics market growing in India then, we decided to start manufacturing CTVs, computers, DVDs and other white goods.'
"The MNCs opted for our services, mainly due to the size and modern machineries of our spinning plant at Kolhapur along with our strong logistics chain," Indo Count Vice-president (Finance) K Muralidharan said.
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