Lagnam Spintex reports total revenue of Rs 79.26 crore and PAT of Rs 6.21 crore in Q1FY23
The stock has gone up almost 6 per cent in one month. While, the share of Lagnam Spintex have surged by 28.64 per cent on YTD basis.
Lagnam Spintex Limited (INE548Z01017), a leading manufacturer of high quality cotton yarns in India, has announced its results for the period ended on June 30, 2022 in its board meeting held on 28th July 2022. Company also announced the Financial Closure for their upcoming Expansion project of Rs 218 crores. The stock has gone up almost 6 per cent in one month. While, the share of Lagnam Spintex have surged by 28.64 per cent on YTD basis.
The revenue from exports continues to grow to Rs. 49.98 crores compare to Rs 40.78 crores in Q1FY22, a jump of more than 22% despite Global crisis.
Lagnam Spintex Q1FY23 Results, KEY FINANCIALS:
Total Revenue: Rs 79.26 crores
Export Turnover: Rs.49.98 crores
Net Profit after Tax: Rs 6.21 crores
Operating Profit Margin: 16.43%
Earnings per share: Rs. 3.52
In the same quarter of previous year, the company, s total revenue was for Rs 74.72 crores with a net profit of Rs 6.15 crores. The preceding quarter, ended on March 31, 2022, the revenue was Rs 101.66 crores with a net profit at Rs 7.10 crores which works out to be 6.98% of turnover as against 7.83% during the reported quarter.
Commenting on the performance of the company, Mr. Anand Mangal, Promoter and Managing Director of Lagnam Spintex said, "The global supply chain remains disrupted on the back of the geopolitical crisis and prices of raw material remain elevated. Despite the tough situation the company continues to hold its ground amid the challenging macro environment and deliver a strong performance for another quarter, which enhances shareholders value. The company is committed towards achieving its long term goals and is on the right path for the same."
The company’s expansion plan is progressing as per schedule and the company has achieved financial closure for the term loan of Rs 163 crores. The leading bankers have sanctioned term loan aggregating to Rs 410 crores, reinstating their trust on companies' strong track record of servicing its debts, sound financials and strong balance sheet. The allocation of the debt is State Bank of India Rs 45 crores, Indian Bank Rs 73 crores and Bank of Maharashtra Rs 45 crores.
Lagnam Spintex aims to kick off the civil work in September 2022. The aforesaid project is expected to be completed by the end of financial year 2023-24, which is likely to add another Rs 300 crores to the company's topline annually, boosting the financials further.