Post textile quota era, Indian textile makers have been busy catering to orders from abroad.
This trend is vindicated by Sangam (India), which secured Rs 680 million worth orders from Turkey & Europe.
Leading polyester-viscose dyed yarn manufacturer of India, Sangam reports that company's exports order book stands at Rs 230 million.
Eyeing exports, Company Chairman R P Soni revealed Rs 70 crore exports target has been set for 2005-06, and forecast 70 percent export sales growth during the current financial year."
Announcing company's expansion plans, Soni said 100,000 spindles and 100 weaving machines would boost the company's capacity within the next two years.
On cards, is the setting up of fresh capacities in the PV dyed yarn, cotton yarn, weaving and processing sections.
Entailing a mix of debt and equity, the expansion plan will be partially funded by a loan availed under the Technology Upgrade Fund Scheme (TUFS) of Government of India.
Company performance announced for the quarter ended September reports net profit at Rs 57.9 million at 86 percent for the second quarter ended September 30, 2005, whereas net sales went up to Rs822.8 million against Rs 633.3 million last year in the same period. A 64 percent increase was recorded on the exports front at Rs 158.6 million up from Rs 96.6 million, last year.
marketing@alchempro.com
