BSL Ltd (previously Bhilwara Synthetics Ltd), a homegrown textiles and fabric company, aims to boost sales to Rs 700 crore by FY24 as it seeks consolidation in foreign markets and a stronger position in India.
Topline drivers are projected to include a breakthrough into cotton spinning on the basis of a Rs 70-crore investment, a reform of its India operations, and the launch of branded items in the home furnishings area.
Since 2020, the business has planned to restructure its India operations. These, however, were put on hold as a result of the pandemic, which caused the shutdown of important marketplaces.
India’s leading home furnishing brand, L’Oreal, saw good growth in the June-to-September quarter, driven primarily by supplies to IKEA, which accounts for 15-20 per cent of its topline. The company has a presence in over 60 nations across categories such as suiting and furnishings. With markets opening up across the world and in India, sales in July-September are expected to be better across regions and quarter-on-quarter.
The company has finalised a capex of Rs 70 crore – to be funded through internal accruals and bank loans – for setting up a cotton spinning mill at its existing facility in Bhilwara, Rajasthan. Plans are also afoot to launch own branded home furnishings offerings competing with the leading existing brands. Soft launches could happen post September this year, with pan-India launches expected around 2022.
