Lagnam Spintex PAT zooms to 107% at Rs9.40cr in December 2021 quarter

17 Jan 2022 , 07:35 PM

Lagnam Spintex Limited, one of the leading manufacturers of High-Quality 100% Cotton Yarn has announced another quarter of outstanding financial performance in its board meeting held on 15th January 2022.

Riding high on support from customers and clients due to quality products, the company reported an enhanced Income of Rs 91.16 crores for Q3FY22 as compared to Rs 62.8 crores for Q3FY21. The income during the nine months ending December 2021 jump to Rs 247 crore as compared to Rs 132 crores during the previous nine months ending December 2020, a jump of 87.12%.

Profit After Tax for the quarter ended December 2021 zooms to 107 % at Rs 9.40 crores, against Rs 4.54 crores during the previous quarter ended December 2020. During the nine months ending December 2021, PAT increases to Rs 21.70 crore as against a loss of Rs 1.71 crores during the previous nine months ended December 2020, a mammoth jump of 1368% YOY.

The Earnings per equity share stands at Rs 5.32 for the Quarter Ending December 2021 an increase of 107% from the corresponding quarter ended December 2020. The EPS for Nine months ending December 2021 is Rs 12.28 as compared to Rs (0.97) for nine months ending December 2020, a jump of 1166% YoY. Pursuant to strong results, the Board of Directors has declared an interim dividend of 5%. Lagnam had also declared a dividend of 5% for the year ended 31st March 2021.

The company is on an upward wave in the spinning industry due to the huge demand, supply gap in the Indian Spinning industry and the China Plus One business strategy in the Textile Industry in the recent past and backed by its high-quality yarn. Based on this, the Board has also approved a Capital Expenditure amounting to Rs. 212 crores approximately to install 41,472 spindles of 100% Cotton Compact yarn. Post-installation, the company expects to double their capacity and revenue.

The company also reported outstanding performance in exports markets and its export revenue reached to Rs 54.25 crores for Q3FY22 compared to Rs 31.05 crores in the corresponding quarter Q3FY21 a jump of 74.7%. For Nine months ending December 2021 exports are at Rs 143.81 crores as compared to Rs 78.88 crores for Nine months ending December 2020, a jump of 82%, a consistent rise in export income.

Commenting on the announcements of Q3FY22 results, Mr Anand Mangal MD of Lagnam Spintex Ltd said, “Our continuous growth is a big testimony of how quality products are liked and encouraged by clients. Our growth acts as a great motivational force to expand our horizon and scale new heights.”