Mumbai-based leading cotton producer SVP Global Ventures Ltd. has reported a net profit of Rs. 40.85 crore for the Q2FY22 ended September 2021, as against a net profit of Rs. 10.75 crore in Q2FY21 at a growth of 280 per cent.
The textile giant shared in a statement that EBITDA (Earnings Before Interest Tax Depreciation and Amortization) for Q2FY22 was reported at Rs. 93.06 crore (EBITDA margin 23.18 per cent) as compared to EBITDA of Rs. 57.63 crore (EBITDA margin 15.83 per cent) in Q2FY21, at a growth of 61 per cent.
Income from operations for the Q2FY22 was reported at Rs. 405.74 crore, which is a growth of 9 per cent over previous fiscal’s same period income from operations of Rs. 372.28 crore.
During the quarter, SVP Global subsidiary, SV Pittie Sohar Textiles, commenced commercial operations on 15 August 2021 at its mega textile plant at Sohar Free Trade Zone in Oman.
Major General OP Gulia, SM, VSM (Retired), CEO, SVP Global Ventures Ltd. said, “Company’s performance during the quarter has been quite remarkable across all segments on the back of improving volumes, strong order book and innovative products. Expansion at Oman is completed and has started to contribute to the financial performance of the Group. Our strategic growth initiatives, enhanced capacity and operational efficiencies, product and geographical expansion with a focus on high margin products, that is, compact cotton are likely to drive profitability, contribute to the growth of the company and enhance value for our stakeholders.”
For the six months ended September 2021, company posted net profit of Rs. 80.04 crore (PAT margin 10.18 per cent). Income from operations for the H1FY22 was reported at Rs. 817.60 crore, growth of 73 per cent over previous fiscal’s same period income from operations of Rs. 472.08 crore.
EBITDA for H1FY22 was reported at Rs. 184.45 crore (EBITDA margin 23.46 per cent).