Lagnam Spintex deposits MAT of Rs7.05 crore up to March Quarter a rise of 691% compared to FY21

15 Mar 2022 , 09:56 AM

Lagnam Spintex Limited has deposited a MAT (Minimum Alternate Tax) of Rs7.05 crores for the ongoing financial year 2021-22, compared to the previous year of Rs1.02 crores, a rise of 691%.

The company has deposited Rs2.40 crores as MAT in the current quarter of Q4 2022 as against Rs4.65 crores during the previous three quarters of FY22.

The company’s expansion project of 41,472 spindles of 100 percent cotton compact yarn at the project cost of Rs218 crores is under way and after commercial production on 1st April 2024 top line will grow by approx. Rs300 crores.

Commenting on the key announcement, Mr. Anand Mangal, Promoter and Managing Director of Lagnam Spintex Ltd, said, “It is really a proud moment for us as the company which is known for its quality and customer satisfaction, is actively contributing in the development and economic growth of the nation.”

Lagnam Spintex was incorporated in 2010 and is engaged in the business of manufacturing high quality 100% Cotton Open End and Ring yarn for domestic and export markets.