PGILs subsidiary to start commercial production in Dhaka soon
The subsidiary of Pearl Global Industries Limited (PGIL) namely, Prudent Fashions Ltd has set up a factory at Dhaka (Bangladesh) for woven soft separates/knits/woven bottoms/jackets, blouse and its commercial production is likely to commence from the first quarter of financial year 2020-2021.
The current production capacity with 10 machine lines will be around 2 lakh pieces per month. The second phase of expansion to 25 machine lines in the said factory is likely to be completed within six months with a capacity of 5.50 lakh pieces per month.
On the financial front, the company’s consolidated revenue for the quarter Q3FY20 came in at Rs 350.3 crore as against Rs 393.66 crore in the corresponding quarter last year, registering 11 per cent YoY decline. EBITDA for the quarter fell by 51.4 per cent YoY to Rs 18.82 crore as against Rs 38.75 crore in the corresponding quarter last year, with a corresponding margin contraction of 447 bps. EBITDA margin for the quarter stood at 5.4 per cent. PAT for the quarter came in at Rs 5.31 crore as against Rs 14.57 crore in the corresponding quarter last year, with YoY decline of 63.6 per cent.
Pearl Global Industries is the only Indian company which provides multi-country manufacturing, offers multi-products to the customers including woven soft separates, knits, bottoms, both denim and non-denim as well as outerwear.
On Friday, the stock of Pearl Global was down by 2.4 per cent to Rs 115 from its previous close of Rs 117.85 on BSE.