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Maral Overseas H1 profit zooms two-fold on strong exports
16
Jan '14
At a time when most of textile companies are gripped in a vicious cycle of financial sector fragility, heightened sovereign risks, fiscal austerity and low growth, Noida-based Textile Company Maral Overseas has achieved a remarkable growth in its net profit for the six month ended September 30, 2013, thanks to stabilized global cotton prices and rise in export. 
 
The company, engaged in the manufacturing of finest quality of yarn, fabrics and fashionable garments, clocked a whopping 144 per cent growth in its net profit at Rs 20.59 crore for the six months ended September 30, 2013, in contrast with the previous financial year i.e. 2012-13 which suffered from high volatility in commodity prices and depleted global demand causing pressure on realizations and margin.
 
A part of LNJ Bhilwara Group, the company had posted a net profit of Rs 9.60 crore in the first six months ended September 30, 2012. 
 
The period under review showed improvement in global demand and also rupee realisations of yarn increased partially due to rupee depreciation against the USD and Euro, besides improvement in capacity utilization and machine efficiency which resulted in growth in revenues. 
 
During the six months under review, the textile firm witnessed a turnover of Rs 329.31 crore as against Rs 276.99 crore in the same period a year ago, reporting a growth of 18.88 per cent. The net sales of company increased to Rs 315.71 crore from Rs 266.95 crore in corresponding period last year. 
 
Segment wise, the performance of the yarn business has contributed significantly in the performance and profitability of the company during the six month under review mostly catered by the stability in the global prices of cotton and yarn.
 
This business contributed Rs 250.75 crore towards the turnover of the company. Bucking the trend, the performance of the fabric business was in line with the overall performance of the company, contributing Rs 103.46 crores towards the turnover of the company.
 
Adding to it, the performance of the garment business was also satisfactory and continued to contribute in the profitability of the company, catered by improved capacity utilization, operational performance and rationalization of customer & product profile. This business contributed Rs 61.83 crore towards the turnover of the company.
 
Given substantial increase in demand of Indian yarn, coupled with opening up of attractive opportunities within or outside India, the company expects that demand of textile products will increase with the gradual revival of the world economy.
 

Fibre2fashion News Desk - India


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