Due to the pandemic situation, European Union and the world put the effort into textiles, clothes, footwear, and accessories supply chains, in the midst of an ongoing social and climate crisis. On another hand, the COVID has seriously impacted major manufacturing hubs (China, India, and Italy), leading to major supply disorders. Textile industry is the heart of our economy. We have developed our industry a lot and there are so many remarkable developments we have already achieved i.e Green Industry, Compliance Factory, industry best practices etc. Team Textile Focus has been taking feedback from the local and international industry stakeholders regarding their business and planning in this pandemic situation. Recently Team Textile Focus talked with Mr. Sanjay Tibrewala, Executive Director of Fineotex Chemical Limited and received his feedback as follows-
The Covid-19 pandemic has been a challenging phase for businesses around the world. The ones that were agile, rose to the situation to not only survive but do well. Our story has been a positive one too and our team worked doubly hard to ensure that our bottom lines were not impacted. In fact, our top 10 customers contributed to 33% of our sales. At the end, the annual net profit increased by 225.61% to Rs 42.59 crore in the year 2021 as against Rs 13.08 crore in the last year. We also acquired a brownfield facility in Ambarnath, which was a strategic decision as we wanted to be close to our customers those in the textiles space and also those who use our products in other industrial applications. Like all our other manufacturing units, this capacity is very fungible and can be utilized to manufacture customized products for various applications as per the market demand. We have made this investment in line with our future plans to scale up our capacity to also offer new products in the health and hygiene space. We foresee that though the demand for cleaning products for institutions declined due to the lockdowns, we intend to be ready with our setup once the markets bounce back to normal. There have been no borrowings from the bank to set up this facility.”
