Lagnam Spintex delivers robust performance for Q2FY22

Another Quarter of Robust Performance wherein Sales Turnover Up by 63 per cent and PAT increased by 438 per cent YoY

Lagnam Spintex Limited, leading manufacturers of High-Quality Cotton Yarns has announced another quarter of outstanding financial performance in its board meeting held on October 16, 2021. Company reported sales turnover of Rs 81.34 crore for the quarter ending on September 30, 2021 as against sales turnover of Rs 49.95 crore during the quarter ending on September 30 of FY 2020-21, leading to jump of 63 per cent. Company PAT zoomed in to Rs 6.14 crore for the quarter ending September 30, 2021 as against PAT of Rs 1.13 crore for corresponding last year quarter leading to growth by staggering 438 per cent.

The company is riding high on upward wave in spinning industry due to huge demand and supply gap in Indian Spinning industry and downfall of China in Textile Industry in recent past and backed by its high-quality yarns its produces. Company both Ring based facility and open-ended facilities situated at Bhilwara are running at 100 per cent capacity levels to meet the demand of company products.

In the first six month of FY 2021-22, the company has posted sales of Rs 156.05 crore as against sales of Rs 69.59 crore for the six months for the FY 2020-21, up by 124 per cent. Company has reported staggering figures of PAT for the six months ending on September 30, 2021 amounting to Rs 12.26 crore as against loss of Rs 6.28 crore in the corresponding six months of last FY. The EBIDTA of the company for the half year ending on September 30, 2021 was Rs 25.96 crore as against EBIDTA of Rs. 1.81 crore for the corresponding half year of last FY.

The half year EPS for the current FY is 6.96 which on annualized basis is likely to be between Rs.13.50 to Rs.14.0 per share based on current trend.

The company also reported superb performance in exports markets and its export sales has reached to all time high of Rs 89.56 crore in the first half of FY 2021-22 as against export sales of Rs. 47.83 crore for the half year FY 2020-21 and backed by advance orders for next one and half to two months in hand, company expects to achieve highest export sales in the current FY ending March 31, 2022.