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Loyal Textile repays entire term loan

Capital Market 

The company has repaid entire term loan on 18 November 2021 and has become a zero debt company (term loan).

Loyal Textile Mills had term loan outstanding of Rs 52.98 crore as on 31 March 2021, availed from banks and financial institution. The company has repaid entire term loan on 18 November 2021, including payment of Rs 27.59 crore in advance, which was due for repayment between 19 November 2021 and end September 2022.

As a result, the company has reached the status of zero debt company (term loan).

On a consolidated basis, net profit of Loyal Textile Mills surged 405.50% to Rs 31.24 crore on 71.03% rise in net sales to Rs 460.90 crore in Q2 September 2021 over Q2 September 2020.

Loyal Textile Mills is a composite textile mill, comprising four spinning mills, two weaving units, one knitting unit, one dyeing house, seven garment manufacturing units, one trading-cum-retailing company and a joint venture trading company in Italy.

Shares of Loyal Textile Mills fell 0.91% to settle at Rs 942.85 on Thursday. The domestic stock market is shut today on account of Guru Nanak Jayanti.

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

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First Published: Fri, November 19 2021. 09:20 IST