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Sutlej Textiles income up 9% to Rs 2287 crore in FY17
May '17
Sutlej Textiles and Industries Limited, a leading manufacturer and exporter of value added dyed yarns with presence in home textiles, has reported total income of Rs 2,287 crore in FY17, up 9 per cent from FY16's income of Rs 2107.76 crore. Its EBIDTA for the fiscal increased 6 per cent to Rs 319 crore and the net profit grew 10 per cent to Rs 158 crore.

As for the fourth quarter of FY17, Sutlej earned Rs 612.03 crore, recording a 9.03 per cent increase from Rs 561.32 crore in Q4 FY16.

The board of directors of the company has recommended dividend of Rs 13 per equity share for the year ended March 2017. It also considered and approved the sub-division of each of the equity shares of the company presently having a face value of Rs 10, into 10 equity shares having a face value of Re 1 each.

The board has also given its approval for raising Rs 500 by borrowing for long term working capital requirements and the company's growth plan.

"The challenging domestic business environment continued post demonetisation well into Q4 of FY2017. The industry did start witnessing a slow revival of demand along with increase in raw material prices towards the end of Q4. Strong foreign currency inflows and the consequential strengthening of INR has put a dampener on exports creating more uncertainty. It is expected that margins would continue to be under pressure during H1 of 2018," said CS Nopany, executive chairman, Sutlej Textiles and Industries Ltd. (KD)

Fibre2Fashion News Desk – India

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