Sutlej Textiles and Industries (STIL) have achieved a turnover of Rs 2,302 crores, an increase of 20 per cent year on year for the year ended March 31, 2016. Net profit for the year was Rs. 143 crores, an increase of 24 per cent over the previous year.
According to C S Nopany, Chairman, Sutlej Textiles and Industries, the financial year 2016 has been a challenging one due to the global economic slowdown. Despite these challenging times, Sutlej, with its strategy of focusing on operational efficiency, organic and inorganic growth through capacity expansion both in spinning and home textiles, has reported increased revenues and profits during the year.
Meanwhile, discussions on acquisition of Birla Textile Mills (BTM) successfully concluded on September 30 last on receiving statutory approvals. BTM, located at Baddi in Himachal Pradesh, has a capacity of 83,376 spindles and manufactures cotton, synthetic & blended yarn in grey & dyed form. STIL’s total spinning capacity has gone up to 377,688 spindles as on March 31, 2016. The company had spent around Rs. 20 crore on de-bottlenecking and value-additions at the BTM unit during the year.
Nopany informed that the work on the project for adding 35,280 spindles at the Bhawani Mandi facility in Rajasthan has commenced. Civil work is progressing, and orders for key plant and machinery have been placed.
The company, with a strong global clientele, exports to nearly 60 countries. It has presence across major developed and emerging economies like Australia, Argentina, Bangladesh, Bahrain, Belgium, Brazil, Canada and China.