SVP Global Textiles To Focus On Asset-Light Business Model
SVP Global Textiles plans to reduce its debt substantially, in order to deleverage its balance sheet. This would be done while focussing on asset-light business model for the future expansion plans for the financial year of 2023.
In a public statement, Maj. Gen. OP Gulia, SM, VSM (retd), CEO, SVP Global Textiles Ltd. said, “The company’s board has identified adequate steps as part of a major restructuring, for substantial debt reduction through efficient working capital management, to hive off non-core assets in FY23.”
Additionally, the firm is in the process of setting up a 4,375 MT per annum greenfield facility in Jhalawar, Rajasthan. It also plans to manufacture protective uniforms, functional garments, mobiltech, antibacterial knitted fabric for sports, etc.
The company’s expected revenue from technical textiles is of around Rs 175 crore per year. The expansion under a production-linked incentive scheme has been approved by the government.
For the financial year of 2022, SVP Global Textiles clocked a net profit of Rs. 71 crore, and EBITDA of Rs. 303 crore.
