You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

Filatex India Q3 net profit spurts to Rs 66 crore

Capital Market 

Filatex India's net profit surged 255.63% to Rs 66.04 crore in Q3 FY21 compared with Rs 18.57 crore in Q3 FY20.

Net sales during the quarter declined 2.19% year-on-year (YoY) to Rs 721.59 crore. Total expense declined 11.32% to Rs 632.21 crore in Q3 December 2020 as against Rs 712.94 crore in Q3 December 2019.

EBITDA stood at Rs 120.2 crore in third quarter as against Rs 55.9 crore in the corresponding quarter last fiscal. EBITDA margin was at 16.65% as on 30 December 2020 compared with 7.57% as on 30 December 2019.

Profit before tax in Q3 FY21 stood at Rs 91.18 crore, increasing by 3.48 times from Rs 26.23 crore in Q3 FY20.

Tax expense in the third quarter surged to Rs 25.14 crore as against Rs 7.66 crore in the same period last year.

Due to national lockdown and COVID-19 restrictions, the company's plants were shut for almost 8 weeks and upon resumption, were permitted to operate at an initial capacity of 30%. With a gradual increase in production, the company has finally achieved yarn capacity utilization exceeding 90% in September 2020.

Commenting on the performance for the quarter, Madhu Sudhan Bhageria, chairman & managing director, said: "After facing a pandemic setback in H1FY21, we are now making a comeback in H2FY21. This has been possible on account of a quick and steady recovery of the downstream textile sector and sharp recovery of demand. The commencement of additional Drawn Texturizing Yarn (DTY) capacity has also contributed to higher margins.

During the quarter, we commissioned captive rooftop solar power plants of 1.0 MW capacity at Dahej and 0.4 MW capacity at Dadra.

We are also currently in the process of setting up a 30 MW captive power plant at our Dahej unit. The project is progressing as per schedule and is expected to be commissioned by Q1FY22. The annual impact of savings in energy costs, upon completion of the project, will be in the magnitude of about Rs 45 crores annually."

Filatex India is in the business of manufacturing synthetic filament yarns having a wide range of products.

In the past one year, the stock has zoomed 69.52% while the benchmark Sensex has added 18.18% during the same period.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, January 13 2021. 12:32 IST