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Lakshmi Cotsyn bucks trend to post excellent performance

29
Aug '12
Dr MP Agarwal
Despite a very uncertain economic and volatile environment, textiles maker - Shri Lakshmi Cotsyn Ltd bucked the trend to post a sterling net profit growth of 41.3 percent, while revenues too rose by a massive 35.7 percent in quarter ending June 30, 2012.

Dr MP Agarwal led - Shri Lakshmi Cotsyn is a vertically integrated textile player and is engaged in producing a wide range of end-to-end textile products and safety textiles for defense and paramilitary forces.

Sales surged from Rs 5.13 billion in quarter ending June 30, 2011 to Rs 6.96 billion in the reporting quarter, while net profits too heaved from Rs 285 million to Rs 403 million in the same periods.

For fiscal year ended June 30, 2012, Shri Lakshmi reported consolidated net sales of Rs. 23.96 billion, up 33.3 percent from a year earlier and net profits too climbed 19.4 percent to Rs 1.24 billion. Shri Lakshmi declares full year results in month ending June 30.

While modestly acknowledging the performance, Dr MP Agarwal – Chairman told fibre2fashion, “We attribute this performance to strong export orders and also to growth in the domestic markets. But the volatile market conditions have definitely playing havoc with our operations”. 

When quizzed on being able to extend the performance into the new fiscal year, he optimistically said, “We would like to maintain the same momentum. But looking at the current market conditions like, ever increasing yarn prices and uncertain markets, the momentum looks uncertain. Yet we are confident that market conditions would improve in the new fiscal year”.

Shri Lakshmi has recently expanded denim fabric capacity from 20 MMPA to 40 MMPA, sheeting fabrics from 12 MMPA to 30 MMPA and the terry towel capacity from 3000 TPA to 15000 TPA.

In its technical textile division, it has added new product lines and also expanded capacity of NBC fabrics, Flex fabrics, Black out fabrics, GEO fabrics, High Altitude fabrics and MSCN fabrics.

“However, with respect to the terry towels division, we are once again planning to expand existing capacity from 15000 TPA to 33000 TPA by December 2013”, Dr Agarwal wound up by saying.    

Fibre2fashion News Desk - India


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