Sangam (India) Q1 net up 88.1 pc at Rs 11.34 crore

Sangam (India) today reported 88.1 per cent growth in net profit during the quarter to Rs 11.34 crore compared to the same period last year.
The company's net profit stood at Rs 6.03 crore in the corresponding quarter in the previous year, the company said in a release issued here.
For quarter-ended June 30, the company has reported a 1.95 per cent rise in net sales at Rs 372.93 crore compared to Rs 365.80 crore in the corresponding quarter previous year.
Commenting on the June earnings Sangam (India) Chairman R P Soni said, "Our performance reflects our belief in our strategy to focus on value-added products, leading to improved realisations.

"This has enabled us post good numbers despite a visible slowdown in Indian as well as global economy. Going forward, the full impact of our expanded capacities will further boost our margins and thereby ensure sustained growth for the company."
The company's board has approved its Rs 120 crore expansion plan to foray into seamless garment.

The company plans to set up 10,000 spindles for slub yarn and mercerise unit along with improvement and modernisation in processing division the company target to manufacture 10,000 pieces of seamless garment per day from next financial year.
This Rs 120 crore expansion plan will be funded through a term loan of Rs 89.50 crore and balance through internal accrual and this expansion is slated to be completed by March 31, 2015.

The seamless knitted garments are used worldwide in wellness wear, yoga wear, sportswear, intimate wear, body shapes and other wears.
"This expansion plan will add to Rs 150-175 crore to our topline from the next financial year. We are looking forward to government's initiation new textile policy to boost job creations and exports and evaluating other opportunities for value added product to augment business growth of the company," company Managing Director S N Modani said.
Sangam (India) one of the largest textile company that produces PV (Polyester Viscose) dyed Yarn and fabrics.