Filatex India Ltd announces Q2FY21, H1FY21 results

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 Q2FY21 & H1FY21 unaudited results on November 7, 2020.

Financial Highlights - Q2FY21 vs Q2FY20:

- Revenue of INR 507.8 Cr against INR 680.2 Cr
- EBITDA stands at INR 44.5 Cr (8.77%) against INR 52.3 Cr (7.69%)
- Net Profit stands at INR 9.4 Cr against INR 61.8 Cr
- Sales quantity for the quarter is 75,234 MT against 76,072 MT

Financial Highlights - H1FY21 vs H1FY20:

- Revenue of INR 652.8 Cr against INR 1377.0 Cr
- EBITDA stands at INR 38.4 Cr against INR 103.7 Cr
- Net Profit / (Loss) stands at INR (18.6) Cr against INR 81.9 Cr
- Sales quantity for the half year is 95,673 MT against 1,48,598 MT

Commenting on the performance for the quarter ended on 30.09.2020, Mr. Madhu Sudhan Bhageria, Chairman & Managing Director, Filatex, said, the company is witnessing an improvement in demand as the markets continues to recover from the slowdown caused by the pandemic. In September 2020, we achieved yarn capacity utilization of above 90%. Our EBIDTA % improved on a YoY basis from 7.69% to 8.77% due to an increase in the share of value-added products like drawn textured yarn.

Going forward, we expect further improvement in margins as the country returns to normalcy post the gradual relaxation of the lockdown. With the commencement of our DTY project on 31st August 2020, we expect our EBITDA margins to improve further.

We are currently in the process of setting up a 30 MW captive power plant at our Dahej unit. The project is well underway and we are targeting commissioning by April 2021. The annual impact of savings in energy costs, upon completion of the project, will be in the magnitude of Rs. 45 to 50 crores annually.

Shares of FILATEX INDIA LTD. was last trading in BSE at Rs.27.4 as compared to the previous close of Rs. 27.3. The total number of shares traded during the day was 8438 in over 145 trades.

The stock hit an intraday high of Rs. 27.85 and intraday low of 27.25. The net turnover during the day was Rs. 233463.

Source : Equity Bulls

Keywords