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Banswara Syntex net profit rise 61% in FY07

May '07
Banswara Syntex Limited (BSL), a vertically integrated textile company has announced a 61.08 per cent rise in net profit at Rs 14.94 crore for the year ended March 31, 2007 as compared to Rs 9.26 crore in the corresponding previous year. Net sales rose 20.33 per cent to Rs 381 crore compared to Rs 316.63 crore during the previous year.

The company has posted 31.02 percent rise in EBIDTA at Rs 56.85 crore for the year ended March 31, 2007 compared to Rs 43.39 crore in the corresponding previous year. Exports sales during the year jumped by 20.46 per cent to Rs 224.42 crore from Rs 186.30 crore during the corresponding previous year.

Commenting on the results, R L Toshniwal, Chairman said, “Our profitability continues to be moderate on account of higher power cost. We are in the advanced stage of setting up an 18 MW thermal power plant, which is scheduled to become operational by June' 07 and this will substantially add to our profitability.”

Meanwhile, company's Rs 227 crore expansion plans has progressed on schedule with installation of 16,000 polyester viscose spindles and 16 suttlelss weaving looms and additional 75,000 trousers at Daman by March 31, 2007. Post expansion, the total installed capacity would stand at 1,28,000 polyester viscose spindles, 15,000 cotton spindles, 576 Airjet Spindles and 162 weaving looms and processing machines.

Installation of garmenting facility at Surat SEZ is also on track with capacities of 1,50,000 trousers and 30,000 jackets per month. Further, the construction of 18 MW thermal power plant project is also on schedule and is expected to streamline power generation by June'07.

“Going forward we expect a huge jump in our operating margins due to lower cost of power and higher contribution from garmenting business”, added Mr. Ravi Toshniwal, Joint Managing Director, Banswara Syntex limited.

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Banswara Syntex Limited

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