Building a profitable business from scratch after retirement
DP Mangal retired from full-time employment in 2010. At the age of 62, he decided to give entrepreneurship a try. Eight years later, his yarn manufacturing company, Lagnam Spintex, got listed on the stock exchange.
Good Morning,
For most people, retirement signifies the end of their working life. But for Dwarka Prasad Mangal, the work had just begun.
At the age of 62 in 2010, Mangal wanted to do something on a large scale and decided to try his hands at entrepreneurship. Having worked in the textile industry for several years, he started cotton yarn manufacturer, .
Mangal shifted his base from Delhi to Bhilwara, and got Rs 31 crore — 30 percent of it from his own pocket — as an investment to start the business. But these decisions weren't easy to take.
“It was tough since I put my life’s earnings into the business. Also, shifting from Delhi to Bhilwara, which is not as developed, was not easy,” he says.
The company makes denims, terry towels, bottom wears, home textiles, industrial fabrics, and more. It exports to Europe, Turkey, Portugal, Columbia, China, and Bangladesh.
At present, Lagnam produces 35 tonnes of yarn every day and expects a turnover of Rs 325 crore this year. In 2018, the company got listed on National Stock Exchange’s SME platform and migrated to the main platform this year.
As per Lagnam's financial reports, the company is seeing staggering growth, recording a profit after tax (PAT) of Rs 6.14 crore for the quarter ending September 30, 2021 — 438 percent higher than the corresponding last year quarter.
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