Textiles company Filatex India announced Q2FY24 & H1FY24 results:
- Q2FY24 vs Q1FY24:
- Revenue of Rs 1,107.84 crore against Rs 1,069.27 crore
- EBITDA stands at Rs 53.86 crore against Rs 44.65 crore
- Profit Before Tax stands at Rs 31.52 crore against Rs 23.96 crore
- Net Profit stands at Rs 23.10 crore against Rs 17.62 crore
- Sales Quantity is 1,03,677 MT against 1,00,211 MT
- H1FY24 vs H1FY23:
- Revenue of Rs 2,177.11 crore against Rs 2,186.71 crore
- EBITDA stands at Rs 105.95 crore against Rs 137.66 crore
- Profit Before Tax stands at Rs 55.48 crore against Rs 92.56 crore
- Net Profit stands at Rs 40.72 crore against Rs 68.55 crore
- Sales Quantity is 2,03,888 MT against 1,84,554 MT
Commenting on the performance Madhu Sudhan Bhageria, Chairman & Managing Director, stated, “The continuous and increasing influx of Chinese imports was unabated in this quarter. To retain their market share, Indian manufacturers were forced to cut their prices to align with import rates, which are lower by Rs 4-5/kg. The industry has been grappling with an erosion of margin. This has hurt profit margins despite a higher volume of sales.
To further increase the share of renewable energy, the company has signed PPA and SHA with Onevolt Energy Pvt Ltd, a 100% subsidiary of Amplus Energy Solutions Pte Ltd, to procure solar power as a captive consumer under the Inter-State Transmission System (ISTS) for both its plants in Dahej and Dadra.”