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Eastern Silk crosses Rs 500 crore turnover in 2008-09

04
May '09
The sales of Eastern Silk Industries Ltd. (ESIL) has crossed the Rs 500-crore mark to touch Rs 509.96 crore in the year ended March 31, 2009 from Rs 481.65 crore in the previous year.

Net profit for the year was however lower at Rs 21.23 crore against Rs 58.14 crore last year. During the year, the company booked losses on account of forward contracts for Rs16.79 crore, including Rs 9.31 crore loss on this count in the fourth quarter.

The chairman and managing director of ESIL, Mr S.S. Shah said:”The setback suffered as a result of the global recession is a passing phase. The recession has given us a good opportunity for growth. I believe this is the best time to invest in the future and the expansion project undertaken by us at Anekal is intended to capitalize on opportunities that will come our way in the near future.”

This expansion project at Anekal, Bangalore is for the manufacture of velvet fabrics at an estimated capital outlay of Rs 80 crore. Commercial production is expected to start by September 2009. It is being financed by term loans and internal accruals. Term loans have been tied up already. The existing facility already manufactures jacquards, plains, dobby and embroidered fabrics. With the addition of the new facility the company's turnover is expected to cross the Rs 600 crore mark by the end of the current financial year.

Eastern Silk, established in 1946, is a leading exporter of textiles, silk furnishings / fashion fabrics and made-ups.

Eastern Silk Industries Limited


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