SEL net profit up 56 pc at Rs 112.50 cr in FY'11

CHANDIGARH: Ludhiana-based textile company SEL Manufacturing today said its net profit has jumped by 56 per cent to Rs 112.50 crore in 2010-11.

Its sales also grew by 78 per cent to Rs 1,726.42 crore in 2010-11 against Rs 967.83 crore in the corresponding period in the previous year, said company's release issued here.

SEL, an integrated textile company, has presence in yarns, knitted fabrics, terry towel, ready-made garments and captive power generation.

Its facilities are spread across various locations in Punjab, Himachal Pradesh, Rajasthan, Haryana and Madhya Pradesh.

SEL has plans to invest Rs 1,150 crore on setting up new spinning unit and expanding its terry towel business in Punjab.

The company has proposed to invest Rs 900 crore on new spinning facility with a capacity of 2,10,000 spindles and Rs 250 crore on expanding terry towel manufacturing capacity from 45 tonne per day to 100 tonne per day.

It is further expanding its capacities in garment manufacturing from 20 million at present to over 50 million knitted garments per annum.

SEL has already commissioned yarn spinning facility of 4 lakh spindles capacity set up at Mehatwara in Sehore district in Madhya Pradesh with capital outlay of Rs 1,920 crore.