Q4FY24 Quarterly & FY24 Annual Result Announced for Filatex India Ltd.
Textiles company Filatex India announced Q4FY24 & FY24 results: Q4FY24 Vs Q4FY23 Financial Highlights: Revenue of Rs 1,026 crore against Rs 1,047 crore EBITDA stands at Rs 64.6 crore against Rs 68.7 crore Profit Before Tax stands at Rs 47.2 crore against Rs 25.2 crore Net Profit stands at Rs 34.8 crore against Rs 18.6 crore Production Quantity is 96,969 MT against 97,610 MT Sales Quantity is 96,419 MT against 97,390 MT FY24 vs FY23 Financial Highlights: Revenue of Rs 4,286 crore against Rs 4,304 crore EBITDA stands at Rs 237.8 crore against Rs 233.9 crore Profit Before Tax stands at Rs 150.4 crore against Rs 122.1 crore Net Profit stands at Rs 110.7 crore against Rs 89.9 crore Production Quantity is 4,05,603 MT against 3,80,197 MT Sales Quantity is 4,01,052 MT against 3,82,133 MT Commenting on the performance, Madhu Sudhan Bhageria, CMD, stated, The Government of India (GoI) implemented Quality Control Order (QCO) effective from 5th October 2023 for polyester yarns, to enforce quality standards and curb the influx of substandard imports. The Bureau of Indian Standards (BIS) plays a pivotal role in ensuring adherence to these standards by certifying products meeting the prescribed criteria for both domestic and international manufacturers. Following BIS enforcement, polyester yarn imports saw a significant decline in subsequent months. However, the Indian textile industry faced another challenges by way of from a surge in low-price knitted fabric imports from China which caused a cute distress to whole value chain i.e. yarns manufacturers, weavers & processors. Such unprecedented volumes of import at low prices prompted the Government upon various trade association representations and has set a minimum value cap of USD 3.5/kg. This step has stemmed the tide. The textile industry requires a fair competitive landscape. Currently, the Indian Polyester Industry struggles to compete with China. The influx of low-priced Chinese imports, spanning yarns and fabrics, poses a major threat, leading to diminished margins for domestic polyester manufacturers. The export of yarns has dropped to almost negligible levels. The exports from India can only be improve, when the Government would provide any measures by some means or way of ensuring the availability of raw materials at par with international prices. The textile industry requires a fair competitive landscape. Currently, the Indian Polyester Industry struggles to compete with China. The influx of low-priced Chinese imports, spanning yarns and fabrics, poses a major threat, leading to diminished margins for domestic polyester manufacturers. The export of yarns has dropped to almost negligible levels. The exports from India can only be improve, when the Government would provide any measures by some means or way of ensuring the availability of raw materials at par with international prices. Despite such external challenges, domestic demand remains robust, growing at an impressive 8% CAGR. As import-related margin pressures ease, we are optimistic about the future of our polyester filament business, considering its status as the most widely utilized fiber globally." Result PDF30-04-2024