Kolkata: Textile manufacturer BSL LTD reported a PAT of Rs 11.48 crores and operating profits of Rs 41.43 crores in the financial year ended March 31, 2022.
The company is planning to double its sales to over Rs 900 crores by 2023 -24 from the current Rs 440 crores.
The company's FY22 revenue stood at 435.84 crores, up 35.9 pc compared to Rs 321.42 crores in FY21.
EBITDA stood at 41.43 crores in FY22 against Rs 30.17 crores in FY21.
It has presence in over 50 countries along with a pan-India presence and expects its sales to grow by 30 -40 percent YOY with a quantum jump in the bottom line, BSL Ltd said in a statement.
For the past decade, IKEA has been a major business and growth driver for the company, and this business is likely to continue to grow.
BSL is IKEA's sole provider of furniture fabrics from South Asia, and its products are sold in all 450 IKEA stores around the world.
Talking about the year’s performance and expansion strategies, Managing Director Nivedan Churiwal said, “We are glad to announce that our business grew across all segments both in domestic and export markets and we have delivered good results in the last FY.
"Despite a sharp increase in all input costs, we have been able to pass on the prices and deliver good results. In the current FY, we expect good growth in all segments and we are targeting a turnover of close to INR 600 crores with a very healthy bottom-line.”
BSL Ltd. has planned Rs 200 crores of Capex, with Rs 150 crores dedicated to the establishment of their cotton spinning unit, according to the statement.
The facility will have 30,000 spindles and will be capable of generating 700 tonnes of cotton yarn every month.
This project is scheduled to begin in December 2022.
The remaining funds will be used to expand the company's PV spinning, weaving, and processing capabilities.
The state-of-the-art production facility is equipped with the best machinery in the world coming from various countries such as Japan, Belgium, Germany and Switzerland etc.
In addition, the company owns two domestic brands, BSL and Geoffrey Hammonds (GH). GH is the premium range, whereas BSL is for the mass market. BSL Ltd. has significantly improved its product range and market offerings, particularly for domestic customers.
It now provides a very expansive range, especially under its premium brand GH where they expect to more than double the sales between 2022 and 2024. The current focal products are pure wool and poly-wool fabrics, as well as ethnic wear in the form of Jacquards.
The luxury market is being given special attention, with the launch of GH-Insignia, a new direct-to-retail brand.
The company is transitioning away from fossil fuels towards sustainable resources.
This is being executed by making a shift from coal to sustainable biofuels like rice husk etc.
It is also working to expand its capacity for generating alternative and renewable energy sources.
The organisation is committed to environmental sustainability and is one of the few to have reached milestones such as 'Zero Discharge Certification,' 'OEKO-TEX,' and numerous certifications such as 'Vegan Certification,' among others.