BSL Limited, a leading player in the textile industry posted a net profit of Rs 2 crore ($2,41,395) for the quarter ended June 30, as against Rs 3 crore posted in the year-ago period.
The company’s revenue for the quarter grew by 43 percent to Rs 160 crore, as against Rs 112 crore in the corresponding period of the previous fiscal year.
The company attributed the rise in revenue to its newly launched cotton spinning unit of 30,000 spindles in Bhilwara, Rajasthan which led to an increase of Rs 40 crore in the first quarter.
Commenting on the results, Nivedan Churiwal, managing director of BSL Limited in a statement said, “We are happy to announce the results for the first quarter for the fiscal year 2024. Our businesses showed significant growth in revenue of Rs 160 crore with a net profit of Rs 2 crore which is marginally lower than Q1 of previous year.”
“BSL Ltd remains confident in its ability to sustain this growth momentum throughout the fiscal year and looks forward to capitalizing on new opportunities that align with its strategic vision,” he added.
BSL Limited runs a vertically integrated unit which integrates spinning, weaving, processing, and manufacturing capabilities. Apart from ‘BSL’, the company also sells premium fabrics under the ‘Geoffrey Hammonds’ brand.
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