Textiles company Filatex India announced Q1FY24 results: Revenue of Rs 1,069.27 crore against Rs 1,046.78 crore EBITDA stands at Rs 44.64 crore against Rs 66.97 crore Profit before tax stands at Rs 23.95 crore against Rs 25.27 crore Net profit stands at Rs 17.60 crore against Rs 18.61 crore Production quantity is 1,02,404 MT against 97,605 MT Sales quantity is 1,00,211 MT against 97,390 MT Commenting on the performance Madhu Sudhan Bhageria, Chairman & Managing Director, stated, “This quarter continued to be marred with high volumes of low-priced Chinese imports flooding the Indian market. The Indian polyester industry has been facing intense competition from cheaper Chinese imports in the domestic market for several quarters now. High volumes of Chinese imports have led to a price war in the domestic market forcing all Indian manufacturers to sell at lower prices to match import prices to maintain market share, which has adversely affected the margins. Despite an inflow of cheap Chinese imports, the demand for Polyester yarn was robust and we achieved production of 1,02,404 MT and sales of 1,00,211 MT while utilizing 100% of our capacities. Also, in our continued efforts to optimize our power cost and increase the share of renewable power, the Company started receiving the transmission of power from its group captive hybrid wind and solar power project in June 2023. With the commissioning of this 10.8 MW project, the company is estimated to receive 50 million units of renewable power on an annual basis with savings of more than Rs 10 crore annually." Result PDF
Textiles company Filatex India announced Q4FY23 & FY23 results: Q4FY23 vs Q3FY23: Revenue of Rs 1,046.78 crore against Rs 1,070.38 crore EBITDA stands at Rs 66.97 crore against Rs 44.43 crore Profit Before Tax stands at Rs 25.27 crore against Rs 4.25 crore Net Profit stands at Rs 18.61 crore against Rs 2.74 crore FY23 vs FY22: Revenue from Operations of Rs 4,303.87 crore against Rs 3,828.09 EBITDA stands at Rs 231.98 crore against Rs 531.10 crore Profit Before Tax stands at Rs 122.08 crore against Rs 458.59 crore Net Profit stands at Rs 89.90 crore against Rs 302.73 crore Production quantity for the year is 3,80,197 MT against 3,41,480 MT Sales quantity for the year is 3,82,133 MT against 3,40,665 MT Achieved 97% capacity utilization in FY23 The Board has recommended a final dividend of 15% at Rs 0.15 per Equity Share for FY23 subject to the approval of the Members of the Company in the next Annual General Meeting. Summing up the annual performance, Madhu Sudhan Bhageria, Chairman & Managing Director, stated, “FY23 has been a difficult year for the company due to various macro factors such as the Ukraine-Russia war, global economic slowdown and a prolonged COVID lockdown in China have adversely affected the market demand and selling prices. The Indian polyester industry has been facing intense competition from cheaper Chinese imports in the domestic market. High volumes of Chinese imports have led to a price war in the domestic market forcing all Indian manufacturers to sell at lower prices to match import prices to maintain market share, which has adversely affected the margins. Despite the challenging market environment, the company has achieved 97% capacity utilization on an annual basis. Prudent financial management has also allowed the company to prepay a share of its term loans in FY23, resulting in reduction of debt-equity ratio from 0.33x in FY22 to 0.27x in FY23.” Result PDF
Textiles firm Filatex India announced Q3FY23 results: Q3FY23 vs Q2FY23: Revenue of Rs 1,070.38 crore against Rs 1,163.42 crore. EBITDA stands at Rs 44.43 crore against Rs 46.26 crore. Profit before tax stands at 4.25 crore against 34.08 crore. Net profit stands at Rs 2.74 crore against Rs 25.16 crore. Sales quantity for the quarter at 1,00,468 MT against 1,01,488 MT. 9MFY23 vs 9MFY22: Revenue of Rs 3,275.09 crore against Rs 2,738.08 crore. EBITDA stands at Rs 165.01 crore against Rs 385.48 crore. Profit before tax stands at 96.83 crore against 334.96 crore. Net profit stands at Rs 71.31 crore against Rs 224.17 crore. Sales quantity for the quarter at 2,84,523 MT against 2,48,156 MT. Commenting on the performance, Madhu Sudhan Bhageria, CMD, stated, “China’s continued zero-Covid policy adversely impacted the Indian Polyester industry. Low domestic consumption in China compelled Chinese polyester manufacturers to flood Indian markets as well as international markets at very low prices, resulting in immense pressure on margins. The rupee devalued against the Dollar as well as the Euro in this quarter. A weakening rupee led to the company incurring mark-to-market exchange losses on account of its Euro loans. However, such losses are notional in nature.” Expressing optimism for the future, Bhageria added, “After the withdrawal of the zero Covid policy, the local demand in China has perked up in January 2023. This has resulted in a positive effect on Indian domestic margins and demand is also visible.” Result PDF