Banswara Syntex Q2 net up 256%

Mumbai, 17th October '06: Banswara Syntex Ltd. (BSL), a vertically integrated textile company, has posted an increase of 256 per cent in net profit at Rs. 5.03 crore for the second quarter ended September '06 (Q2FY07) compared to Rs. 1.41 crore in the corresponding quarter of last year. Net sales increased by 33 per cent to Rs.103.28 crore compared Rs.77.64 crore for the corresponding quarter.

"The quarter-on-quarter rise in sales and net profit is phenomenal and can be attributed to our strategic expansion initiatives," said R L Toshniwal, Chairman & Managing Director, Banswara Syntex.

Currently, BSL is adding 18000 spindles and 16 shuttleless looms. Further, the company has chalked out a capex plan of Rs.150 crore for additional 40,000 spindles and 48 shuttleless looms. With this expansion, the total capacity of spindles will increase to 1.60 lac and take the total number of shuttleless looms to 200. Meanwhile, revenues from joint venture with Carreman Michel Thierry group of France have started flowing in with the start of commercial production for the manufacture of designer and high quality fabrics.

About Banswara Syntex Ltd.