India’s leading textile company Sutlej Textiles and Industries has announced setting up of a green field project at a cost of Rs. 914 crore in Jammu & Kashmir (J&K). The project will be funded through internal accruals and debt.
It will be the first-ever textile plant in J&K having 89,184 spindles comprising cotton Mélange yarn and PC grey yarn along with dye house.
The project will be implemented around Q4 FY2025. Currently, the textile giant has 4.21 lakh spindles.
During the recent visit of Narendra Modi, Prime Minister of India, the senior management of the company was also present there.
The Board of Directors approved the setting up the project in a meeting. The company is not present in the greige (grey) product segment, so to complement the dyed/melange product offering, it needs to have grey product in its product basket.
In view of increasing demand of cotton/polyester blends across multiple categories of end use, there is market potential for grey-blended yarns both in domestic and exports.
The company also announced its quarterly results, which saw the net profit rise by 85.96 per cent to Rs. 51.64 crore in the quarter ended March 2022 as against Rs. 27.77 crore during the previous quarter ended March 2021.
Sales also rose 31.51 per cent to Rs. 890.46 crore in the Q4 FY21-22 as against Rs. 677.12 crore during the Q4 FY20-21.
For the full year, net profit was reported to Rs. 150.23 crore in the year ended March 2022 as against net loss of Rs. 3.66 crore during the previous year ended March 2021.
Its sales also rose 63.29 per cent to Rs. 3076.46 crore in the year ended March 2022 as against Rs. 1,884.03 crore during the previous year ended March 2021.
Source : https://in.apparelresources.com/