Filatex India Ltd reports Q1FY21 earnings

Filatex India Ltd (NSE: FILATEX; BSE: 526227), is in the business of manufacturing synthetic filament yarns having a wide range of products. Filatex India announced Q1FY21 unaudited results on 28th August, 2020.

Financial Highlights - Q1FY21 vs Q1FY20:

- Revenue of INR 145.0 Cr against INR 696.8 Cr,
- EBITDA stands at INR (6.2) Cr against INR 51.4 Cr,
- Net Profit / (Loss) stands at INR (28.0) Cr against INR 20.0 Cr,
- Sales quantity for the quarter is 20,439 MT against 72,526 MT

*Negative numbers are represented in brackets

Commenting on the performance for the quarter ended on 30.06.2020, Mr. Madhusudhan Bhageria, Chairman & Managing Director, Filatex India Ltd. said, the performance in this quarter was severely affected by the national lockdown and loss of almost 7 weeks of production. Post the national lockdown, we were able to restart our Dahej plant on 21st May, at partial capacity of 30%. However, continuation of partial lockdown, containment zones, lack of labour, complete withdrawal of public transport and sealing of interstate borders continued to present major challenges. Nonetheless, we are witnessing good growth in demand and as of now our capacity utilization is above 90%. The margins are also improving gradually.

Going ahead, based on our assessment of the external scenario and industry as well as market analysis, we expect the demand to further improve with the reduction in COVID-19 cases. We feel that by the end of Dec 2020 the demand should be at pre-COVID-19 levels if the situation does not deteriorate any further.

Shares of FILATEX INDIA LTD. was last trading in BSE at Rs.28.4 as compared to the previous close of Rs. 28.8. The total number of shares traded during the day was 39195 in over 378 trades.

The stock hit an intraday high of Rs. 29.7 and intraday low of 23.25. The net turnover during the day was Rs. 1073216.

Source : Equity Bulls

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