Filatex India Ltd.
Q2FY23 Quarterly Result Announced for Filatex India Ltd.
Textiles company Filatex India announced Q2FY23 results:
Financial Highlights (QoQ) – Q2FY23 vs Q1FY23:
- Revenue from operations of Rs 1163.42 crore against Rs 1023.29
- EBITDA stands at Rs 46.26 crore against Rs 74.31 crore
- Profit Before Tax stands at Rs 34.08 crore against Rs 58.48 crore
- Net Profit stands at Rs 25.16 crore against Rs 43.39 crore
- Sales Quantity stands at 1,01,488 MT against 83,066 MT
Financial Highlights (YoY) – H1FY23 vs H1FY22:
- Revenue from operations of Rs 2,186.71 crore against Rs 1,663.86 crore
- EBITDA stands at Rs 120.57 crore against Rs 226.30 crore
- Profit Before Tax stands at Rs 92.56 crore against Rs 187.33 crore
- Net Profit stands at Rs 68.55 crore against Rs 125.92 crore
- Sales Quantity stands at 1,84,554 MT against 1,57,758 MT
Madhu Sudhan Bhageria, CMD, stated, “Volatility and fluctuations in global energy and crude prices due to the ongoing Russia-Ukraine War along with China’s zero-Covid policy have adversely impacted the Indian Polyester industry. Low domestic consumption in China has driven the Chinese polyester manufacturers to flood Indian markets as well as export markets at very low prices resulting in immense pressure on margins.
However, the demand in the domestic market has been good. Despite large volumes of import from China at very low costs, we were able to achieve 100% utilisation in our yarn capacities while maintaining inventory levels albeit at the cost of discounts resulting in low margins.
During the quarter, we also commissioned and started commercial production of our project for debottlenecking melt capacity of 50 MT per day and manufacturing lines of 120 MT per day POY at Dahej Plant.”