Textile company, Mandhana Industries, which today got listed on both the Bombay Stock Exchange and National Stock Exchange, is aiming a revenue of about Rs 750 crore in FY11.
"As per the un-audited statements of the company, we reached Rs 590 crore mark in FY10. We are now eyeing a revenue of Rs 750 crore this fiscal, as the market is picking up and there is a great demand for textiles," the company's Managing Director, Manish Mandhana, told reporters here.
The firm will be declaring its FY10 results by next month.
The company, which is engaged in manufacturing of textiles (70 per cent) and garments (30 per cent), had recorded a turnover of over Rs 460 crore in FY09. It is involved in designing, yarn dyeing, weaving, processing, dyeing and garment manufacturing.
"We are now planning to expand our weaving capacity from 18 million meters to 36 million meters by January 2011. We are also aiming to increase our garment manufacturing capacity to 43 lakh pieces per year," Mandhana said.
Last month, the company had raised Rs 108 crore through a share-sale. The proceeds of which, it said, it would use for setting up a garment manufacturing facility at Tarapur in Maharashtra.
Mandhana said that the demand for garments is picking up gradually, as the global financial meltdown is subsiding.
"The market is picking up gradually. There is a great demand for readymade garments. We are confident that the trend will continue, as the financial meltdown is slowly subsiding," Mandhana said.
The debt-equity ratio of the company stands at 1:1, which is the lowest in the Indian textile industry, he said.
Shares of Mandhana Industries, after opening firm on the Bombay Stock Exchange, surged 5 per cent to touch a high of Rs 136.80, over its issue price of Rs 130.
On the National Stock Exchange, the scrip opened at Rs 131, up 0.76 per cent. The company has listed with 3.31 crore shares on both the bourses.
