State-owned National Textiles Corporation (NTC) has reported nearly four-fold increase in its total income during FY’11 to Rs 2,741 crore, most of which came from the sale of mill lands in Mumbai and Ahmedabad.

However, the company also improved its core operations which earned it Rs 675-crore revenue, up 40 per cent over last fiscal, the NTC Chairman and Managing Director, Mr R.K. Pillai, told PTI.

During 2010-11, the company garnered Rs 2,011 crore by selling six defunct mill lands aggregating 50 acres. It had received Rs 178.91 crore out of land sales during the previous fiscal.

Net profit of the company also increased to Rs 1,366 crore during the fiscal from just Rs 104 crore in the year-ago period.

Mr Pillai said NTC targets to garner a total income of more than Rs 3,000 crore during the current fiscal, including Rs 2,000 crore from divesting two mill lands located in Mumbai’s posh Prabhadevi area.

“However, it is not only sell-off of mill lands that we are banking on to improve income. In our core business also, we are hopeful of clocking a good growth through better efficiency and higher production,” he said.

NTC, which is mainly into spinning, hopes to clock Rs 1,000-crore sales turnover during the current fiscal from Rs 675 crore a year ago.

“We have already initiated steps to become an integrated company widening our business to weaving, processing and garmenting as well. This will give an additional boost to our topline,” he said.

The CMD said that the company has also earmarked Rs 1,000 crore capex for the current fiscal mainly to jack up its spinning capacity to 7.8 lakh spindles from 6.4 lakh now.

A part of the proposed investment will also go towards revamping retail outlets, entering into technical textiles space and completing the ongoing work at its three upcoming mills at Hassan, Achalpur and Ahmedabad.

The company, which currently employs around 8,400 people, will hire 66 human resource, marketing and finance professionals.

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