Lagnam Spintex Ltd one of the leading manufacturers of high-quality cotton yarns, has announced its Q1FY22 results in its board meeting held on 15th July. The company was able to achieve the turnover of Rs.74.72 crores during the quarter as against Rs.19.64 crores during Q1 of FY 21, an increase of 280% and Profit after Tax of Rs.6.11 crores against loss of Rs.7.41 crores during the same period of last year, resulting in an increase of 182%.
The exports turnover has jumped from Rs.15.29 crores to Rs.40.78 crores YoY for the reported quarter. The export turnover comprises approx 55% of the total turnover. The company has expanded its export base and currently exporting to the quality conscious market of Portugal, Germany, Bangladesh, Turkey, Peru, Belgium, Netherland, Poland, Argentina etc. The increase in export has improved the Operating margins during the quarter under review.
Lagnam Spintex Q1 FY22 Results:
· Turn Over: Rs 74.72 crores
· Export Turnover: Rs. 40.78 crores
· Operating Profit Margin: 17.47%
· Net Profit after Tax: Rs 6.11 crores
Commenting on the announcement of Q1FY22 Results, Mr Anand Mangal, MD of Lagnam Spintex, said, “Despite outbreak of second wave of Covid-19 during April-June Quarter, the company was able to maintain its production at full capacity having achieved successfully the increased turnover and profits. Q2 of FY 2021-22 is very important for our company as we are in process to move to the main board of NSE, and we will be undertaking balancing program to enrich the product mix of the company to improve the value addition. The company is also putting Solar Power plant of about 2.0 MW which will save the energy cost of the company.”
“From the core of our heart, we want to thank our team and shareholders for regular and continued support during all times. We will leave no stone unturned to make this quarter even greener in terms of balance sheets and winning trust of everyone,” Mr. Mangal further added.