Unaffected by odds, SEL grows 35.01%

Despite several odds faced by the textile industry,

SEL Manufacturing Company Limited, having its presence in yarns, knitted fabrics, readymade garments and captive power generation saw a growth of 35.01 per cent in its turnover in the financial year ending March 31, 2012.

Although company’s net profit was lower at Rs 82.81 crores compared to Rs 112.48 crores in 2011, its turnover grew to Rs 2,330.83 crores from Rs 1,726.42 crores in the fiscal year 2011. Increased depreciation and financial cost resulting in high capital expenditure are seen as the reasons for lower net profit.

V K Goyal, executive director and CEO of the firm said, “The current fiscal was marked by high volatility in prices of cotton. Even the declined prices of cotton towards the end of last season were very high compared to previous years. Despite the odds, the firm commissioned India`s largest spinning unit at a single location at Mehatwara village in Sehore, Madhya Pradesh, in April, 2011. Besides, it also laid the foundation stone for a state-of-the-art integrated textile park at Panjava village in Muktsar, Punjab.”