Himatsingka’s consolidated revenues stood at Rs. 2,138 crores compared to Rs. 1,891 crores, a growth of 13.1%. The company has completed expansion of sheeting plant and commenced commercial production of the expanded capacity during October 2016. The capacity of the sheeting plant was enhanced from 22 MMPA to 46 MMPA.
Himatsingka also commenced construction of its spinning facility at Hassan which is due to commence production in the third quarter of FY2018. The new spinning facility with an installed capacity of 211,584 spindles is part of the backward integration initiatives of the company. It will cater to 50 per cent of Himatsingka’s captive requirement.
The company is also setting up a terry towel plant with a capacity of 25,000 tpa. Construction of the plant will begin in the current financial year. The total investment outlay for all expansion projects is Rs. 1,300 crores.
Commenting on the company’s performance, Mr. Shrikant Himatsingka, Managing Director & CEO, said: “We have had a stable quarter, and we look forward to a year of growth in the backdrop of our ongoing expansion on the manufacturing front. We will continue to remain focused on sweating assets across our businesses”.
The Rs. 3,000-crore Himatsingka Group is a vertically integrated home textile major with a global footprint. It focuses on the manufacture, retail and distribution of home textile products. On the manufacturing front, the group operates amongst the largest capacities in the world for upholstery fabrics, drapery fabrics and bed linen products.
Spread across Asia, Europe and North America, its retail and wholesale distribution divisions carry some of the most prestigious brands in the home textile space and cater to the private label programs of major retailers across these geographies.
With over 4,000 people, the group continues to expand its reach and build capacities in the home textile space. The company’s brand portfolio globally is expected to touch revenues of about Rs. 1,200 crores for FY 2018.
