BSL, a fabric manufacturer, plans to spend Rs 150 crore on capital expenditures in FY24, with a revenue target of Rs 700 crore
31 December 2021, Mumbai:
BSL, formerly Bhilwara Synthetics, has set aside Rs 150 crore for expanding cotton spinning capacity at its facility in Rajasthan, with a revenue target of Rs 700 crore for the fiscal year 2023-24, according to a company spokesman.
BSL's Managing Director Nivedan Churiwal told PTI that the capital expenditure (capex) will also help enhance sales and profitability.
"We're focusing on revenue, growth, and a healthy bottom line," he said, adding that the company will invest Rs 150 crore to boost cotton spinning capacity at its factory in Bhilwara, Rajasthan. In the fiscal year 2020-21, the company generated about Rs 321 crore in revenue from operations.
According to Churiwal, it has inked an MoU with the Rajasthan government, which would provide fiscal incentives in the form of interest subsidies.
BSL features verticals for tailoring, furniture, and yarn spinning. According to a corporate spokesman, suiting accounts for roughly 60% of annual income, whereas furnishing is the most successful area of business.
Exports make for roughly two-thirds of total revenue, with domestic sales accounting for the remainder, according to Churiwal. Due to the COVID-19 epidemic, the corporation had to decrease employees and rationalise costs in the first quarter of the previous fiscal, he added.
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