BSL Ltd. achieves excellent turnover and profitability in its H1 results and plans to reach a turnover of over INR 800 in FY 2023-2024
The company plans to commence its Cotton Spinning Project of 30 thousands spindles by December 2022 which will increase its revenue by 250 crores annually.
- The company continues to report excellent growth & performance recording
20.82 % growth in revenue to INR 245.05 crores in H123
as compared to INR 202.81 crores in H122 .
- EBITDA at INR 24.05 crores in H123 against INR 20.58 crores in H122 .
- PAT at INR 7.81 crores against 6.41 crores .
- Total Capex of INR 200 crores for Cotton Spinning and other projects
- 20.82 % growth in sales YOY .
- 21.80 % growth in profitability YOY.
Kolkata, November 2022: BSL LTD. a legacy brand and one of the most prominent players in the textile business has planned a multi-faceted exponential plan. The company is planning to double its sales to over INR 900 crores by 2023 -24 from the current INR 450 to 500 crores.
BSL LTD. delivered a robust performance in the H1 ended 30th September ’22 with a PAT of INR 7.81 crores and operating profits of 24.05 crores. The company has global presence in over 50 countries along with Pan-India presence and expects its sales to grow by 30 -40% YOY with 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.
Talking about the H1 performance and expansion strategies, Managing Director Mr. Nivedan Churiwal says “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 current H1. In the current FY, we expect good growth in all segments and we are targeting a turnover of close to INR 550 crores with a very healthy bottom-line.”
BSL Ltd. has planned INR 200 crores of Capex, with INR 150 crores dedicated to the establishment of their cotton spinning unit. 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.
Based on the Growth Plan the company is targeting revenue of over 500 crores within this FY and over 800 crores in the next FY.
The company has made a substantial shift and move towards sustainability by moving away completely from fossil fuel towards sustainable sources of fuel. The company has completely stopped using coal base fuel and now using sustainable bio fuels such as mustard husk, rice husk etc. It is working on expanding capacity in generating more energy through renewable sources of energy.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.