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SVP Global Textiles Ltd reports earnings for Q2FY23

Posted On : 2022-11-16 09:13:49( TIMEZONE : IST )

SVP Global Textiles Ltd reports earnings for Q2FY23

SVP Global Textiles Ltd, one of the largest compact cotton yarn manufacturer and leading multinational textiles company has reported total Income from Operations of Rs. 294.10 crore for the quarter ended September 2022. EBITDA for Q2FY23 was reported at Rs.38.75 crore. The company has improved on operational margins and reduced the loss from 37.15 Crore in Q1FY22 to 20.35 Crore in Q2FY23 in spite of continued rising prices of raw cotton.

Maj Gen OP Gulia, SM, VSM (retd), CEO, SVP Global Textiles Ltd said, "The raw material (cotton) prices continued to rise in Q2FY23 which kept the textile industry under stress. However we have been able to reduce our losses by improving on operational and financial efficiencies along with softening cotton prices. The next quarter is looking very promising due to improved demand of apparel and cotton prices declining from a peak of Rs. 115,000/candy to approximately Rs. 70,000/candy now. The company is in process to identify / analyse various restructuring options available with the Company including sale of assets of subsidiaries which shall be used for reducing of debt.

For the six months ended September 2022, company posted total Income from operations of Rs.574.58 crore and EBITDA of Rs.60.97 crore.

The company is in process of restructuring the business and disposal of non-core assets. The Company has a vision to be a fully integrated textile company from Fibre-to-Fashion with forward integration into Fabric, Technical Textiles and Garments. The company has got the approval to set up a Technical textile facility at Jnalawar under Ministry of Textile PLI scheme.

Shares of SVP GLOBAL VENTURES LTD. was last trading in BSE at Rs. 33.15 as compared to the previous close of Rs. 34.70. The total number of shares traded during the day was 26979 in over 432 trades.

The stock hit an intraday high of Rs. 35.50 and intraday low of 32.85. The net turnover during the day was Rs. 915188.00.

Source : Equity Bulls