New Delhi (India), April 29: Lagnam Spintex Limited, a leading manufacturer of high quality cotton yarn in India, has announced its results for the financial year and quarter ended on March 31, 2024. The company witnessed remarkable revenue growth, propelled by its strategic expansion initiatives and diversification into new product lines. Lagnam had commissioned their Rs 218 cr. Capex expansion project ahead of schedule on 31st January 2024, as against the schedule date of 1st April 2024. This early commissioning has helped the company in bringing competitive cost advantage and increase in top line as seen in the results.
The Total revenue for the quarter Q4FY24 grew by 66% to Rs 149.82 crores compare to Rs 90.41 crores in Q4FY23. The Profit after Tax in Q4FY24 grew by whooping 380% to Rs 7.30 crores compare to Rs. 1.52 crores in Q4FY23.
For the financial year 2023-24, the textile company clocked a PAT of Rs 14.57 crores with a total income of Rs 437.79 crores. Its EBITDA stood at Rs 45.37 crores with an EPS of Rs 8.25.
Financial Highlights for the Quarter ended March 31, 2024
| Q4FY24 | Q4FY23 | Change | |
| Total Revenue | Rs. 149.82 cr | Rs. 90.41 cr | +66% |
| EBITDA | Rs. 20.03 cr | Rs. 7.47 cr | +168% |
| Profit After Tax | Rs. 7.30 cr | Rs. 1.52 cr | +380% |
| EPS (Basic & Diluted) | Rs. 4.13 | Rs. 0.86 | +380% |
| Export Quantum (MT) | 2911 | 1715 | +70% |
Financial Highlights for Fiscal year ended March 31, 2024:
| FY24 | FY23 | Change | |
| Total Revenue | Rs. 437.79 cr | Rs. 304.89 cr | +44% |
| EBITDA | Rs. 45.37 cr | Rs. 31.03 cr | +46% |
| Profit After Tax | Rs. 14.57 cr | Rs. 9.76 cr | +49% |
| EPS (Basic & Diluted) | Rs. 8.25 | Rs. 5.53 | +49% |
| Export Quantum (MT) | 7889 | 4067 | +94% |
Commenting on the company’s performance, Anand Mangal, Promoter and Managing Director of Lagnam Spintex said, ” We are thrilled with the remarkable progress of our expansion project. Our Compact yarn has been exceptionally well-received by both existing and new customers, thanks to its superior quality. This widespread acceptance has enabled us to expand our customer base across domestic and export markets.”
Lagnam Spintex’s unwavering commitment to innovation, quality, and customer satisfaction has positioned the company as a leader in the cotton yarn manufacturing industry. With its strategic initiatives and expansion plans, Lagnam Spintex is poised to solidify its position further and continue delivering exceptional products to its valued customers worldwide.
If you have any objection to this press release content, kindly contact [email protected] to notify us. We will respond and rectify the situation in the next 24 hours.
