BSL Ltd H1FY23: PAT stands at Rs 7.81 cr, revenue at Rs 245.05 cr

The company said its revenue in H1FY23 was Rs 245.05 crores, up 20.82 percent compared to Rs 202.81 crores in H1FY22.

EBITDA at Rs 24.05 crores in H1FY23 against Rs 20.58 crores in H1FY22.

Its operating profits came at Rs 24.05 crores during the period.

A total Capex of Rs 200 crores was infused in Cotton Spinning and other projects with Rs 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 H1FY23, sales grew 20.82 percent YOY while there was 21.80  percent growth in profitability YOY.

The company is planning to double its sales to over Rs 900 crores by 2023 -24 from the current Rs 450 to 500 crores.

The company has a global presence in over 50 countries along with a Pan-India presence and expects its sales to grow by 30-40 percent YOY with a 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, the company said.

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  Nivedan Churiwal said “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.”