Shri Lakshmi Cotsyn bets big on defence biz

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Shri Lakshmi Cotsyn bets big on defence biz

Shri Lakshmi Cotsyn has been buzzing in trade. In Q3, the company posted revenues of Rs 370.68 crore. Its net profit for the quarter stood at Rs 22.63 crore.

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Home furnishing products manufacturer Shri Lakshmi Cotsyn has been buzzing in trade. On January 25, the company's board approved a fund raising plan. The funds for the company are to meet expansion of technical textiles, denim, home furnishing, and spinning project. The extraordinary general body meeting will be held on February 25 for shareholder approval.

In Q3, the company posted revenues of Rs 370.68 crore. Its net profit for the quarter stood at Rs 22.63 crore.

In an interview with CNBC-TV18, MP Agarwal, CMD, Shri Lakshmi Cotsyn spoke about the focus areas of the company and its fund raising plans.

Here is a verbatim transcript of the interview. Also watch the accompanying video.

Q: Could you take us through your Q3 numbers? How has the quarter looked for you?

A: Our main focus is on technical textiles and defence oriented projects. Our main target is defence oriented supply. For that purpose, we are also entering into various joint venture agreements with foreign countries. Within the next three months, we will execute three more joint ventures in terms of defence oriented products and some technical textiles as well.

Q: You are also looking at raising funds. Could you throw some light on whether or not you've got the board approval, how much are you looking at raising and for what purpose?

A: Basically, we are expanding the capacity of our technical textile division from 6 million to 50 million metres. For defence products, we are manufacturing armoured vehicles.