SVP Global Textiles Ltd Reports Income from Operations of Rs 301.81 crore in Q3FY23
Jan 18, 2023
Mumbai (Maharashtra) [India], January 18 (ANI/PNN):
, one of the largest compact cotton yarn manufacturers and leading multinational textiles company, has reported a Total Income from Operations of Rs 301.81 crores for the quarter ended December 2022, rise of 2.62 per cent Q-o-Q from Rs 294.10 crore reported in the quarter ended September 2022. EBITDA for Q3FY23 was reported at Rs 75.83 crore - higher by 95.7 per cent Q-o-Q from Rs 38.75 crore reported for Q2FY23. The company has improved on operational margins and able to reduce the loss from Rs 20.35 Crore in Q2FY23 to Rs 5.54 crore in Q3FY23. Going forward, company aims substantial debt reduction, de-leverage balance sheet while adopting asset-light business model.
Q3FY23 Business Highlights:-
- EBITDA Margins more than double to 25.12 per cent and able to reduce losses substantially
- Company to focus on debt reduction and de-leveraging Balance Sheet
- Company has a vision to be a fully integrated textile company from Fibre-to-Fashion with forward integration into Fabric, Technical Textiles and Garments to create a brand of its own.
- Board has reviewed to execute pending projects so that benefit under PLI scheme can be availed
For the nine months ended Dec 2022, company has reported Income from operations of Rs 876.39 crore with EBITDA of Rs 136.8 crore. The board of directors reviewed and discussed earlier intimation of selection of SVP Global Textiles Ltd under the PLI scheme to execute earliest pending project so that the benefits under the PLI scheme can be availed.
Maj Gen OP Gulia, SM, VSM (retd), CEO, SVP Global Textiles Ltd said, "We are very pleased with the company's performance in Q3FY23 and expect to report even better growth numbers in the coming quarters. Inspite of high raw material prices, company was able to reduce losses during the quarter by improving on operational and financial efficiencies resulting in substantial improvement in EBITDA margins to 25.12 per cent in December quarter. The company is in process of analysing various restructuring options available with the company and aims substantial debt reduction by disposal of non-core assets, de-leverage balance sheet while adopting asset-light business."
The company has a vision to be a fully integrated textile company from Fibre-to-Fashion with forward integration into Fabric, Technical Textiles and Garments to create a brand of its own.
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