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PAT surges 28% at Sutlej Textiles in Q1FY15
09
Aug '14
Sutlej Textiles and Industries Ltd (STIL) reported a 26.8% surge in profit after tax (PAT) in the first fiscal quarter ending June 30, 2014, when compared with first fiscal quarter ending June 30, 2013, it said in a press release.

Sutlej Textiles, a manufacturer of value added synthetic, cotton mélange yarns, fabrics & home textiles posted PAT of Rs. 35.74 crore as against Rs. 28.19 crore in the corresponding quarter of last fiscal year.

Improved realisations and better product mix helped revenues boost 11.11% to Rs. 492.06 crore in Q1FY15 from Rs. 442.96 crore in Q1FY14.

EBITDA for the period under review rose 4.6% to Rs. 68.89 crore compared to Rs. 65.86 crore in Q1FY14.

CS Nopany, Chairman at Sutlej Textiles said, "The company's concerted efforts of focusing on specialty yarn products, facilitated in maintaining growth momentum even during challenging times as demonstrated by our performance.

“Further, while our attempts towards embedding a rigorous & business wide cost discipline benefits in making optimal utilisation of resources, our strong & innovative in- house R&D assists in widening our product mix thereby accentuating our ability in mitigating the cyclicality impact on the business.

“While the economy faces multiple headwinds at present, we are optimistic that the commissioning of additional value added cotton mélange yarn spindles and modernization of existing capacities will enable us deliver healthy financial performance”.

Sutlej Textiles said that Credit Analysis and Research Ltd (CARE) has upgraded its long term bank facilities to CARE A+ from CARE A-, which indicates adequate degree of safety regarding timely servicing of financial obligations and a low credit risk to these instruments.

It also said that spinning capacity is being expanded by 30,672 spindles during the year; resulting in higher production of cotton mélange yarn, a value added product and expects it to be commissioned on schedule. Sutlej said it has invested Rs. 116 crore till June 30, 2014 on the project.

In addition, Sutlej will further invest around Rs 80 crore in FY15 towards technology up-gradation and debottlenecking, etc, which shall lead to increase in efficiency and cost reduction.

Fibre2fashion News Desk - India

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