BSL: Targets for growth trajectory by 2023-24
10 June 2022, Mumbai:
A legacy brand and one of the most prominent players in the textile business, BSL plans to grow sales to over Rs. 900 crore by 2023 -24 up from the current Rs. 440 crore.
BSL delivered robust performance in the FY ended March 31, ’22 with a PAT of Rs 11.48 crore and operating profits of Rs. 4143 crore.
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The company has a global presence in over 50 countries along with a pan-India presence and expects its sales to grow by 30-40 per cent Y-o-Y with a quantum jump in the bottom-line.
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.
Nivedan Churiwal, Managing Director says, the company’s business grew across all segments in the domestic and export market.
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It was able to pass on the prices to customers and deliver good results. It expects all its segments to grow and turnover to reach Rs 600 crore with a healthy bottomline. BSL plans to establish cotton spinning units with an investment of Rs 200 crore.
The facility will have 30,000 spindles and generate 700 tons 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.
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