New Delhi (India), November 16: Lagnam Spintex Limited, a leading manufacturer of high-quality cotton yarns in India, has announced its results for the period ended on September 30, 2023, in its board meeting held on 9th November 2023.
The revenue for this quarter, Q2FY24, grew to Rs 92.58 cr compared to Rs 63.05 crores in Q2FY23, a jump of 47%. Lagnam is very excited to inform you 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. In exports, we have increased our volumes in countries like Turkey, Peru, Morocco, Argentina, and South Korea, to name a few. Lagnam expects their expansion project of 41472 spindles to be completed ahead of schedule date of 1st April 2024. This expansion project will double its capacity from 35 metric tonnes per day to 70 metric tonnes per day.
Lagnam Spintex Q2FY24 Results comparative:
In the same quarter of the previous year, the company’s total revenue was Rs 63.05 crores. In the preceding quarter, which ended on June 30, 2023, the revenue was Rs 71.75 crores.
Commenting on the performance of the company, Mr. Anand Mangal, Promoter and Managing Director of Lagnam Spintex, said, “We are very happy with the way our expansion project is progressing. We are seeing great demand for our Compact yarn from existing and new customers. Our product quality from the expansion project is well accepted in both the Domestic and Export markets, which is helping us to increase our customer base.”
If you have any objection to this press release content, kindly contact pr.error.rectification[at]gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.
Vijay Singh
