BSL Ltd Kolkata/IBNS: BSL Ltd posted a net profit of Rs 6.41 crores returning in H1FY22 to good profitability after a loss of Rs 3.29 crores in the same corresponding period of the last financial year.
Despite the Covid induced restrictions in many parts of the country during the second wave of COVID-19, sales rose to Rs 202.80 crores against Rs 140.98 crores in the same corresponding period of the previous year.
Talking about the six-monthly results and expansion strategies, Managing Director Nivedan Churiwal said: “We are happy to announce that our business grew across all our business segments both in domestic and export markets and we are glad that we have delivered good results in the first six months of this year and we are confident of giving better results on regular basis."
BSL Ltd has made strategic plans for multi-fold growth in all the business segments, including expansion in the existing field of domestic and furnishing and the field of cotton spinning, he said.
The company is focused on exponential growth over the next few years based on these 3 segments with a Capex of 125 crores for Cotton Spinning and other projects, he added.
BSL Ltd has planned a 125 crores (+) Capex based on which it will be setting up cotton spinning plant within its existing production facility in Bhilwara and this is expected to commence by end of 2022.
This is expected to give a major boost to the top line and bottom line.
Apart from this, BSL is also expanding its domestic business with 3 different brands and is not only expanding its dealer presence all across India but also retailer presence on Pan- India basis with a new DTR brand and plans to target 2000 retailers within the next one year.
The turnover here is expected to double in the next 2-3 years.
BSL is also ramping up its furnishing business with growth in the existing business with IKEA and general export both would be invigorated and we expect to double the turnover in this segment over the next 2-3 years.
Apart from this, it is also launching a new brand for Made-Ups such as ready curtains, towels, etc. and this would focus on the e-commerce and Large Format Stores on a Pan- India basis.
The company plans to achieve sales of Rs 700 crores (+) within the next 2-3 years with a very healthy bottomline.
Iterating the plans to improve sustainability, the company statement said it is in the process of moving out of fossil fuels towards sustainable biofuel planning to shift from the usage of coal to sustainable biofuel such as rice husk etc.
It is also working towards increasing its capacity for the generation of alternate and renewable sources of energy.
The company is extremely conscious about sustainability and the environment and is one of the few companies to have achieved milestones such as Zero Discharge Certification, OEKO-TEX and various certifications such as Vegan Certification.
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