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SEL on course to becoming million spindles textile group

17
Aug '12
Mr VK Goyal
Within the next 24 months, Ludhiana based SEL Ltd is on its way to becoming a textiles group with a million spindles installed and will share a place among the top textile groups in India with the highest number of spindles.  

In its recently announced quarter ending June 30, 2012 results, SEL has reported a 21.56 percent year on year growth in revenues and a 124 percent surge in net profits, despite a bad economic climate.

Speaking exclusively to fibre2fashion Mr VK Goyal, Executive Director and Group CEO of SEL Manufacturing Company said, “We have added capacities in the last fiscal year and we also have tried to improve efficiencies.

“The towel division is also doing well. Alongside cotton yarn and towel price realizations too have improved which has helped us deliver a top line growth of 21.56 percent in the quarter from a year ago”.

He added, “Cotton volatility in the quarter ending June 2011, led to net profits taking a hit in that quarter. However since cotton prices are stable since the last few months, this is reflected in the surge in net profits by 124 percent in just completed quarter”. 

The SEL Group has grown at a tremendous pace and has undertaken capacity expansions at a frenzied pace from the time it set up its first spinning plant seven years back. The installed spindle base is on course to reaching the one million mark, reveals Mr Goyal.

Today, SEL is a vertically integrated textile group, with a presence across yarns, knitted fabrics, towels and readymade garments.

SEL is setting up a 400,000 spindles cotton yarn plant in Madhya Pradesh out of which 200,000 spindles are already in operation. 80 percent of the yarn from this location is exported to several countries around the world, Mr Goyal.

Fibre2fashion News Desk - India


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