See turnover at Rs 3000 cr in one yr: Shri Lakshmi Cotsyn

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See turnover at Rs 3000 cr in one yr: Shri Lakshmi Cotsyn

MP Agarwal, CMD of Shri Lakshmi Cotsyn says a deprciating rupee has had a positive impact on the company's exports. In an interview, he speaks about the campany's debts, turnover and the FCCB conversion that is due in 2012

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MP Agarwal, CMD of Shri Lakshmi Cotsyn says a deprciating rupee has had a positive impact on the company's exports. In an interview, he speaks about the campany's debts, turnover and the FCCB conversion that is due in 2012.

Below is the edited transcript of the interview on CNBC-TV18. Also watch the accompanying video.

Q;  Could you tell us if there any impact of the rupee depreciation on your company and how much do you all export?

A: There is certainly an impact and we are gaining in export to some extent because of this. There is at least 15% depreciation, but at the same time we are losing some money on our imports.

Q: Another area of concern is your high debt. I understand you have about Rs 500 crore of working capital but despite that you still have about Rs 1100 crore of debt. Any plans to retire it, how are you looking at it?

A: Certainly there is a debt portion, 500 crore working capital and Rs 1100 crore term loans after my expense. But you see my turnover is also rising. This year we are able to be around Rs 2400 crore. In next one year, it will be Rs 3000 crore wherein we will get full benefit of our expense and program.

Q: Do you have any foreign borrowings?

A: Not now, but we did FCCB of USD 10 million, out of which around 50% has already been converted into shares and some more are coming for conversion. In the meantime, we have also been granted first textile park in UP.

Q: When is your remaining 50% of FCCB up for conversion and at what price?

A: This is due in September 2012, at Rs 108/per share.