Filatex India, leading manufacturing company of synthetic filament yarns, has seen its net profit surge by 255.63 per cent to Rs. 66.04 crore in Q3 FY21, compared with Rs. 18.57 crore in Q3 FY20.
Net sales of the company fell by 2.19 per cent year-on-year (YoY) to Rs. 721.59 crore during this quarter, while total expense declined by 11.32 per cent to Rs. 632.21 crore in Q3 December 2020 as against Rs. 712.94 crore in Q3 December 2019.
It is pertinent to mention here that due to national lockdown and COVID-19 restrictions, the company’s plants were shut for 2 months and, upon resumption, were permitted to operate at an initial capacity of 30 per cent.
With a gradual increase in production, the company has finally achieved yarn capacity utilisation exceeding 90 per cent in September 2020.
Madhu Sudhan Bhageria, CMD, said, “After facing a pandemic setback in H1FY21, we are now making a comeback in H2FY21. This has been possible on account of a quick and steady recovery of the downstream textile sector and sharp recovery of demand. The commencement of additional Drawn Texturizing Yarn (DTY) capacity has also contributed to higher margins.”
Source : https://in.apparelresources.com/