June 22, 2024
Corporates

Globe Textiles Eyeing Turnover Of Rs 520 Crore By 2027

NSE listed Globe Textiles India is setting up a plant to manufacture 600,000 apparel pieces per month and is also eyeing a turnover of Rs 520 crore in the next three years.

With a Zero Liquid Discharge (ZLD) system and partly solar generation which minimises energy costs while using green energy, the company uses nature-friendly dyes and chemicals.

Globe Textiles has pioneered sustainable processing techniques that give a better hand feel to apparel while minimising energy usage and maximising water recycling through its ZLD system.

“We are planning to introduce denim tops in the female category and we reaffirm our dedication to sustainability and innovation in the textile industry,” CEO Bhavin Parikh said.

“After a successful rights issue and acquisition, we will enhance our asset base, margins, and top line as well as introduce innovative sustainable fashion garments and practices,” he added.

Globe Textile has a production facility spanning over 250,000 sq. feet where it manufactures 36 million metres of fabric and 2.5 million bottoms per annum.

It has reported robust financial results over the years with a 10-year CAGR of 13 percent in revenue and 13 percent in net profits and has a market capitalisation of over Rs 100 crore.

Earlier in February 2024, Globe Textiles received in-princple approval from the National Stock Exchange for its proposed right issue.

The company plans to raise Rs 49 crore by issuing up to 15.11 crore shares at Rs 3 a share. Shareholders will be entitled to one right share for each held as of February 23.

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