The Board of Directors of Interloop Limited (ILP) has approved the Annual Budget for the Fiscal Year 2024-25, amidst other items.Â
The textile giant informed the Pakistan Stock Exchange (PSX) about this development through a notice on Wednesday in accordance with Section 96 of the Securities Act, 2015 and Clause 5.6.1(a) of PSX Regulations.
The export sales target for FY25 has been set at $670.80 million.Â
The Board has also resolved to approve the capex expansion across various business segments, including the following(s):
Hosiery Plant 6Â Â
In line with the earlier correspondence, the board has approved enhancing capacity in hosiery by 25% with the installation and commissioning of Hosiery Plant 6 by Q1’FY26, adding 1,584 additional knitting machines. The total approved investment for plant 6 is $58 million.
Denim Expansion Â
A capital outlay of $18.8 million by Q4’FY26 for the commissioning of an additional 20 lines in Denim has been approved. This expansion will be phased over two years, increasing capacity to a total of 18 million garments per year.
Yarn Dyeing Expansion Â
To cover the consistently growing demand for dyed yarn, the board has approved the expansion of ILP’s in-house spun yarn dyeing capacity by 20 metric tons to 28 metric tons. The total capital outlay is approved at $13.2 million. The plant is expected to be commissioned by Q1’FY26.
Renewable Energy
Being cognizant of the environmental impact of our ongoing expansions and to reduce GHG emissions, an additional 4MW capacity for Solar generation, with the cost of $2.1 million has been approved and will be commissioned by Q3’FY25. It will increase our green energy generation capacity to 16.6MW.
