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  • Interview with Prashant Agarwal

    Prashant Agarwal
    Prashant Agarwal
    Managing Director
    BRFL Textiles Pvt Ltd
    BRFL Textiles Pvt Ltd

    Plan to achieve ?3000 cr revenue in next 5 years
    BRFL Textiles Pvt Ltd (BTPL) was set up as a new entity in Aug’20 as part of a restructuring process undertaken by Bombay Rayon Fashions Limited in which it hived-off its yarn dyeing & fabric processing units located in Tarapur. Prashant Agarwal, Managing Director of BTPL, speaks to Fibre2Fashion about how the company has grown in the last one year, its ramping up of production to take advantage of the “China Plus One” strategy, and major goals for the next 5 years.

    What led to restructuring of Bombay Rayon Fashions and formation of BTPL?

    BRFL Textiles Pvt Ltd (BTPL) was set up as a new entity in Aug’20. The entity was formed as part of a restructuring process undertaken by Bombay Rayon Fashions Limited in which it hived off its yarn dyeing & fabric processing units located in Tarapur into BTPL by way of a slump sale on a going concern basis, along with all associated brands, employees, assets, etc.

    The restructuring was undertaken as BTPL had huge growth potential and was poised to grow into one of the leading fabric processing houses in India. This was followed by a private equity infusion funding of about 240 crores from a consortium of marquee financial investors.

    Since the funding, the company has ramped up its production significantly and brought in new talent across departments and initiated various measures to be prepared for the next stage of growth. While BTPL has stemmed from Bombay Rayon Fashion, currently, the company is run as a separate entity from Bombay Rayon Fashion.

    Which original brands of Bombay Rayon Fashions does BTPL retain?

    The brands retained include Bombay Rayon, BRFL, Linen Vogue La Classe’, Giza Classe’, and Dickens & Browne.

    Where is BTPL headquartered at present and what is the staff strength?

    BTPL is headquartered at Tarapur, Palghar. Recently, we have added several senior managements to our team and grown our workforce from 1300 to over 2300 employees in the past 4 to 6 months.

    How does the company operate in the domestic market?

    BTPL has a strong presence in the B2B and B2C space along with long-standing relations with leading brands across the globe and sells through large garments across India who also sell to domestic brands. On the domestic branded sales front, the distribution network of BTPL is spread across its own EBOs, over 100 retailers, and over 8000 distributors.

    How has the company grown in the last 1 year after its hive off?

    Since the hive off, the equity infusion was utilised primarily towards upgrading current technology and supporting the working capital requirement. We are now a debt free company which gives us enough flexibility and liquidity to service our clients.

    Since the funding, the company has ramped up its production significantly at the Tarapur plant from 100,000 metres per day to now 150,000 metres per day as a consequence of improved capacity utilisation. We aim to reach our annual processing capacity of 144 million metres (400,000 metres per day) over the course of time. We have brought in new talent across departments, initiated various measures to be prepared for our next stage of growth and have far exceeded our internally set financial budgets for this period.

    We are continually enhancing our production and are looking to scale it up based on expected growth in demand from export as well as in the domestic markets. We will continue to invest in people and maintenance Capex to ensure that our state-of-the-art equipment at our plant is well oiled, efficiently run and complies with all regulatory standards.

    With our renewed focus and financial profile combined with our state-of-the-art production facility, BRFL Textiles is poised to be the leader in fabric processing in India catering to domestic and international fashion trends.?

    Which are your major markets in India and abroad?

    BTPL supplies fabrics to both the Indian and international markets including to US, Mexico, Japan, Germany, Netherlands, UAE, Saudi Arabia, South Africa, Indonesia, Hong Kong, Vietnam, Malaysia, Cambodia, Sri Lanka, Bangladesh, Thailand, Myanmar and others.

    Domestics Brands: Allen Solly, AND, Arrow, Benetton, Blackberry, Fab India, Indian Terrain, Jack & Jones, Levis, Numero Uno, Pantaloons, Reliance Trends, Only, Shopper Stops, US Polo, Vero Moda, and Westside.

    International Brands: A&F, American Eagle, Ann Taylor, Belk, Carrefour, Cecil, George, JC Penny, K-Mart, M&S, Macy, TJ Maxx & Tom Taylor.

    Besides these we have over 100 EBOs and 8000 distributors across the country.

    How has the pandemic impacted BTPL? What hardships did you face during the second wave and how were they different from the first wave?

    The pandemic has not only affected the business, but the overall sector. Domestic business went on pause mode and export orders from Europe and US market dried down. However, post pandemic waves, orders from western countries started flowing in, which kept us afloat. Since September, we have been continuing our production and now we are looking to scale it up based on growth in demand as well as domestic markets.?

    We have the largest production capacity in the country at present and have the capability to utilise them and deliver any large-scale order before the deadline. We also believe that with no debts in our books, we have the flexibility and liquidity to overcome the disruptions and reach our annual processing capacity of 144 million metres.

    How did you tide over the hardships--in terms of business, orders received, staff etc?

    Given the fresh equity capital raised and with almost no debt on our books, we are relatively in a very stable state to compete in the market vis-à-vis our peers.

    We have a strong presence in the B2B and B2C space along with long-standing relations with leading brands across the globe and sell through large garmenters in India who also sell to domestic brands.

    We also always focus on high value-added design centric products and, hence, in this tough market of rising prices of various raw materials, we are able to still absorb these costs by bringing in more value additive products to compensate for lower volumes. One of our biggest advantages is that we provide greater flexibility in terms of product offerings at various price points and rapid responsiveness.

    Most importantly, we are a customer centric company. Hence, rather than chasing growth, we advise our customers to play safely in this volatile market. The idea of standing by the customer in these difficult times has in turn helped us get more business due to the customer’s increasing confidence in us meeting their expectations and commitments. Our growth has been primarily attributed to the increasing wallet share of our current and past customers.

    How much time will BTPL require to bounce back to pre-pandemic levels?

    We hope to spring back to pre-pandemic level by next year.
    Published on: 27/07/2021

    DISCLAIMER: All views and opinions expressed in this column are solely of the interviewee, and they do not reflect in any way the opinion of Fibre2Fashion.com.

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