2025-05-02 10:58:54
Latest Post
Godrej Agrovet Limited consolidated Q4FY25 net profit drops QoQ to Rs. 70.78 crores
L G Balakrishnan & Bros Ltd posts Rs. 84.03 crores consolidated profit in Q4FY25
Swastika Investmart Ltd Q4 FY2025 consolidated profit slumps to Rs. 27.17 lakhs
Vertex Securities Ltd consolidated Q4 FY25 loss at Rs. 53.99 lakhs
The Federal Bank Limited consolidated Q4FY25 PAT jumps to Rs. 1108.31 crores
Stock Report
Update on Pioneer's Expansion in SPFY Capacity
Posted On : 2021-12-29 20:15:20( TIMEZONE : IST )
Pioneer Embroideries Limited (PEL), one of the key players and owners of brand "SILKOLITE" in Specialty Polyester Filament Yarn (SPFY), is moving ahead with its expansion project in SPFY as per schedule.
The Company has already placed the order for major equipment with a Germany-based manufacturer of quality textile extrusion equipment, along with advance payments, which would enable it to secure delivery by Q3 FY 2022-23. The equipment is being primarily financed through a German Bank. Construction work on the land adjoining the Company's existing manufacturing plant at Kala Amb, Himachal Pradesh, is progressing well, with the foundation work already completed.
The Company has till date incurred capital expenditure of over INR 750 lac, presently funded through internal accruals, and is negotiating financial closure with its lenders.
As announced earlier, with this expansion, PEL plans to improve its presence in newer segments like home textiles and technical textiles, and would be primarily manufacturing POY (Partially Oriented Yarn) and DTY (Draw Textured Yarn)-based speciality textile products. These products, non-apparel in nature, have buoyant demand in both domestic and international markets.
The SPFY business contributes close to 90% of PEL's turnover, and in the first half of the current year, the business clocked revenues of approximately INR 12,740 lac, up from about Rs 6,970 lac in the previous corresponding period. As the average capacity utilisation is high, proposed increase in capacity should result in enhanced turnover without a major time lag.
Shares of Pioneer Embroideries Limited was last trading in BSE at Rs. 66.35 as compared to the previous close of Rs. 67.50. The total number of shares traded during the day was 12108 in over 349 trades.
The stock hit an intraday high of Rs. 69.50 and intraday low of 65.75. The net turnover during the day was Rs. 814265.00.
