SVP Global Textiles Ltd reports income of Rs 294.10 crore in Q2FY23

Mumbai (Maharashtra) [India], November 15 (ANI/PNN):
one of the largest compact cotton yarn manufacturers and leading multinational textiles company has reported a Total Income from Operations of Rs 294.1 crore for the quarter ended September 2022, rise of 4.9 per cent Q-o-Q from Rs 280.5 crore reported in the quarter ended June 2022. EBITDA for Q2FY23 was reported at Rs 38.75 crore - higher by 74.4 per cent Q-o-Q from Rs 22.2 crore reported for Q1FY23. The company has improved on operational margins and reduced the loss from Rs 37.15 Crore in Q1FY22 to 20.35 crore in Q2FY23 in spite of continued rising prices of raw cotton.

Maj Gen OP Gulia, SM, VSM (retd), CEO, SVP Global Textiles Ltd said, "The raw material (cotton) prices continued to remain at higher levels in Q2FY23 which kept the textile industry under stress. However, we have been able to reduce our losses by improving on operational and financial efficiencies along with some softening in cotton prices. The next quarter is looking very promising due to improved demand of apparel and cotton prices declining from a peak of Rs. 115,000 per candy to approximately Rs 70,000 per candy now. The company is in process of analysing various restructuring options available with the company including sale of assets of subsidiaries which shall be used for reducing of debt."

For the six months ended September 2022, company posted total Income from operations of Rs 574.58 crore and EBITDA of Rs 60.97 crore. The company is in process of restructuring the business and disposal of non-core assets. The Company has the vision to be a fully integrated textile company from Fibre-to-Fashion with forward integration into Fabric, Technical Textiles and Garments. The company has got the approval to set up a Technical textile facility at Jhalawar under the Ministry of Textile PLI scheme.
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