Textile products manufacturer Shri Lakshmi Cotsyn today reported a jump of 62.30 per cent in its net profit for the third quarter ended March 31 at Rs 25.40 crore.
It had a net profit of Rs 15.65 crore during the corresponding quarter last fiscal, Shri Lakshmi Cotsyn said in a statement.
The company also reported an increase of 33.68 per cent in its total income for the third quarter at Rs 389.10 crore as against Rs 291.06 crore during the same quarter of last fiscal.
Shri Lakshmi Cotsyn will invest Rs 1,500 crore in the coming days to expand its various verticals like home furnishing, terry towels, denim fabrics, technical textile fabrics and spinning projects.
The company, however, did not give an exact time-frame for completion of the expansion plan.
"We are carrying out a diversified expansion plan for our various verticals that includes home furnishing, terry towels, denim fabrics, technical textile fabrics and spinning project with a cost of Rs 1,500 crore," Shri Lakshmi Cotsyn Ltd Chairman and MD M P Agarwal said.
He said the investment will be funded by a combination of equity and debt.
The Rs 1,160-crore firm expects to become a fully integrated textile solutions provider post the expansion.
Agarwal said the company is setting up a 50 MW solar power project in Rajasthan as part of its expansion plan.
It is also expanding its terry towel capacity to 15,000 tonnes per annum by September from the existing 3,000 tonnes per annum.