Lagnam Spintex Limited, the leading manufacturers of High-Quality Cotton Yarns has announced another quarter of outstanding financial performance in its board meeting held on 16th October, 2021. The company reported a sales turnover of INR 81.34 Cr for the quarter ending on 30th Sept, 2021 as against Sales Turnover of Rs.49.95 Cr during the quarter ending on 30th Sept of FY 2020-21, leading to a jump of 63%. Company PAT Zoomed into Rs.6.14 Cr for the quarter ending 30th Sept, 2021 as against PAT of Rs.1.13 Cr for corresponding last year quarter leading to growth by staggering 438%.
The company is riding high on an upward wave in the spinning industry due to the huge demand and supply gap in the Indian Spinning industry and the downfall of China in the Textile Industry in the recent past and backed by its high-quality yarns its produces. Company both Ring based facility and open-ended facilities situated at Bhilwara are running at 100% capacity levels to meet the demand of company products.
In the first six months of FY 2021-22, the company has posted sales of Rs.156.05 Cr as against sales of Rs.69.59 Cr for the six months for the FY 2020-21, up by 124%. The company has reported staggering figures of PAT for the six months ending on 30th Sept, 2021 amounting to Rs.12.26 Cr as against a Loss of Rs.6.28 Cr in the corresponding six months of last FY. The EBIDTA of the company for the half year ending on 30th Sept, 2021 was Rs.25.96cr as against EBIDTA of Rs. 1.81 Cr for the corresponding half year of last FY.
The half year EPS for the current FY is 6.96 which on annualized basis is likely to be between Rs.13.50 to Rs.14.0 per share based on the current trend.
The company also reported superb performance in exports markets and its export sales have reached all time high of Rs.89.56 Cr in the first half of FY 2021-22 as against export sales of Rs. 47.83 Cr for the half year FY 2020-21 and backed by advance orders for next one and half to two months in hand, company expects to achieve highest export sales in the current FY ending 31st March, 2022.
Commenting on the announcements for the Q2 of FY 2021-22 and guidance for the full year FY 2021-22, Mr. Anand Mangal, MD of Lagnam Spintex Ltd said “Q2 FY22 results will act as a booster for the company future performance and scalability. We look forward to scale new heights by continuing to explore new markets and value-added products for our customers.”
Mr. Mangal further added that the company has recently migrated to the Main Board of National Stock Exchange of India Limited from the SME Platform and is thank full to its stakeholders during all the difficult times and now the company is on a growth path.
