Mumbai, Aug. 30 -- Mafatlal Industries Ltd, a 120-year-old textile company, shuttered its loss-making and less-profitable businesses while sharpening focus on its core strength of supplying uniforms, including through government tenders, to stitch a turnaround after years of indifferent financial performance.

Over the past five years, the company shut its loss-making denim division, exited contract manufacturing for overseas retail brands, reduced its workforce through voluntary retirement scheme and focused on debt repayment. It also switched to an asset-light business model, where the bulk of the textile it sold was procured through vendors, instead of in-house production. Outsourced production accounted for 95% of the company's top li...