Vaishnavi Prakash
New Delhi (India), February 14: Lagnam Spintex Limited, a leading manufacturer of high-quality cotton yarns in India, has announced its results for the quarter ended on December 31st, 2023 in its board meeting held on 12th February 2024.
The revenue for this quarter Q3FY24 grew to Rs 123.63 Cr compare to Rs 72.16 crores in Q3FY23, a jump of 71%. Lagnam is very excited to inform that the increase in Revenue was due to the new product profile they have added as part of their expansion project and reached out to new markets both in Exports and Domestic.
Lagnam Spintex Q3FY24 Results comparative:
The Profit After Tax for this quarter Q3FY24 grew to Rs 4.63cr compare to Rs 0.23 crores in Q3FY23, a multifold jump. Similarly, the Earning Per Share (Basic & Diluted) in Q3FY24 is 2.62 compare to 0.22 in Q3FY23.
The Export Turnover has jumped from Rs 15.11 Cr in Q3FY23 to 62.02 cr. In Q3FY24. The export turnover comprises of 50% of the total revenue of the company. The increase in export revenue by 310% was seen in Q3FY24compare to Q3FY23 mainly because of increase in export demand and also with our new product offering in quality conscious markets of Europe, Columbia, Egypt, Morocco, Peru and our existing well establish market of Bangladesh, United States, Italy etc.
Commenting on the performance of the company, Mr. Anand Mangal, Promoter and Managing Director of Lagnam Spintex said, “There is an uptick in Cotton yarn demand in this quarter and we are thrilled that our expansion project completion was timed well with this market opportunity. Our product quality from expansion project is well accepted in both the Domestic and Export markets which is helping us to increase our customer base.”
Company also informed that they are moving in a big way towards renewable energy and have commissioned 4.4 MW of Roof top Solar project and looking at adding another 0.5 MW shortly, this will save energy cost for the company.
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