SPONSORED CONTENT

SVP Global Textiles Ltd reported Annual Results; net Revenue of Rs 1778.37 Crs up by 25 pe rcent and PAT of Rs 71 Crs up by 187 per cent Y-o-Y

May 31, 2022 22:31 IST | ANI Press Release
Tennis player James Blake
Maj Gen OP Gulia, (Retd), CEO, SVP Global Ventures Ltd

Mumbai (Maharashtra) [India], May 31 (ANI/PNN): The Textile Industry is undergoing continuous stress due to rising cotton prices during FY 22.

The pressure is likely to continue till the arrival of the new crop in Sep 22.

The spinning mills have taken a major hit. In spite of the prevailing situation, SVP Global Textiles Ltd has reported financial results in FY21-22 with a net profit of Rs 71.28 crore (Net Profit Margin 4.00 per cent) for FY22 as against a net profit of Rs. 24.85 crore (Net Profit Margin 1.75 per cent) in the corresponding period last year, a growth of 186.84 per cent. Income from operations for FY22 was reported at Rs. 1778.37 crore, higher by 25.03 per cent over the previous fiscal's same period income of Rs. 1422.40 crore. EBITDA for FY22 was reported at Rs. 303.61 crore (EBITDA Margin 17.07 per cent), a rise of 29.64 per cent compared to EBITDA of Rs. 234.19 crore (EBITDA Margin 16.46 per cent) in FY21. EPS for FY22 was reported at Rs. 5.67 per share as compared to Rs. 1.98 per share in FY21.

The Board of Directors has decided to take adequate steps to substantially reduce the debt. In a major restructuring, the Company is adopting the assetless model and venturing into forward integration of the textile value chain.

Under the new model, it will be manufacturing Technical Textiles for which the approval of the Ministry of Textiles under the PLI Scheme has already been accorded. It will also be venturing into the garment segment as a B2C model and manufacture finished garments, innerwear and other consumer items, thereby creating a brand image of its own.

Commenting on the results and performance, Maj Gen OP Gulia, SM, VSM (Retd), CEO, SVP Global Textiles Ltd, said, "Company reported steady performance during FY22 backed by strong operational and financial growth in the testing times post-Covid. The current geopolitical situation, rising cotton and other input prices, along with problems in the supply chain and exports, had an adverse impact on the textile industry. The Company is taking various steps to reduce the debt and venture into the finished garment segment. The value addition will create a brand image and maximize value for shareholders in the near to medium term."

This story is provided by PNN. ANI will not be responsible in any way for the content of this article. (ANI/PNN)

DISCLAIMER


(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