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Sangam India stock hits fresh 52-week high after revenue more than doubles to Rs635cr in Q2FY22

The company raises Rs103cr from the Promoters and Madhuri Madhusudan Kela.

October 20, 2021 10:35 IST | India Infoline News Service
Sangam India Ltd. (SIL), one of the foremost producers of PV dyed yarn and seamless apparel, today announced that the company has approved the issue of up to 57 lakh warrants convertible into Equity Shares(s) of the Company of the face value of Rs.10/- each aggregating up to 103.00 Crore to the promoters group and Smt. Madhuri Madhusudan Kela.

The company also announced that its revenue has grown more than double from Rs311cr in Q2FY21 to Rs635cr in Q2FY22 with an increase of 104% yoy.

Total sales of the company, as of September 2021 stands at Rs1,045cr with 37% of its revenue coming from international markets. The company's EBITDA is Rs76.2cr in Q2FY22 which is more than 208% as compared to yoy at Rs24.7cr. and is also better than the previous quarter of June 21 at Rs51.1cr.

The company stock hit fresh 52-week high and upper circuit of Rs245.15 per piece on Wednesday morning. At around 10.35 am, Sangam (India) Ltd was trading at Rs245.15 per piece up Rs11.65 or 4.99% from its previous closing of Rs233.50 per piece on the BSE.

The company has also approved the plan of Rs137.25cr brownfield expansion in the cotton yarn segment & successfully completed the financial closure of Rs102cr term loan with lenders. The COD of this project will be April 1, 2022.

SIL’s main business activities are textile & garment manufacturing. The group has expanded its product portfolio into a full value chain in textile, manufacturing of yarn, fabric, fabric processing and seamless garment, etc. The company has built 4 states of art manufacturing facilities situated in Bhilwara & Chlttorgarh, Rajasthan, India.

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