New Delhi (India) August 5: Lagnam Spintex Limited, a Bhilwara based leading manufacturer of high quality cotton yarns, has announced its results for the quarter ended on June 30th, 2024 in its board meeting held on 03rd August 2024.
The total revenue for this quarter Q1FY24-25 grew to Rs 160.03 crores compare to Rs 71.75 crores in Q1FY23-24, a jump of 123%. The increase in Revenue was due to the new product profile they have added as part of their expansion project and reached out to new markets both in Exports and Domestic. Lagnam had Commissioned their Rs 218 cr. Capex expansion project ahead of schedule on 31st January 2024, as against the schedule date of 1st April 2024.
Lagnam Spintex Q1FY24-25 Results V/s Q1FY23-24 comparative:
The EBITDA for the quarter Q1FY24-25 has increased to Rs 13.77 cr as against Rs 7.21 crores in Q1FY23-24, a major leap of 90.95%. The Earning Per Share has increased to Rs. 0.89 per equity share in Q1FY24-25 compare to Rs. 0.77 in Q1FY23-24.
The Export quantum has jumped from 978 MT in Q1FY23-24 to 2808 MT in Q1FY24-25, a substantial advancement of 187.12%. The export turnover has increased significantly by 193.38% in Q1FY24-25 to Rs. 77.88 cr compare to Rs. 26.54 cr in Q1FY23-24.
The increase in export revenue was seen in Q1FY24-25 mainly because of our new compact yarn product offering in quality conscious markets of Europe, Columbia, Egypt, Morocco, Peru and our existing well establish market of Bangladesh, United States, Italy etc.
Commenting on the performance of the company, Mr. Anand Mangal, Promoter and Managing Director of Lagnam Spintex said, “The company has given steady performance despite of global economic downturn which has led to uneven demand. With our expansion project the company is focused on optimizing capacity utilization and product mix. Our product quality from expansion project has continued to help us in expanding our market base in both the Domestic and Export markets.”
If you have any objection to this press release content, kindly contact pr.error.rectification@gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor