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Sangam yarn export sales up in Q3

Jan '07
Sangam (India), one of the largest polyester-viscose dyed yarn manufacturer in India, has posted a 58.67 per cent rise in net profit at Rs 10.71 crore for the third quarter ended December 31, 2006 as compared to Rs 6.75 crore in the corresponding quarter previous year.

Net sales rose 69.86 percent to Rs 140.39 crore compared to Rs 82.65 crore during the same quarter previous year. During the quarter, the company witnessed a significant improvement in operating profit margins due to better realisations. Operating profit margins increased by 73 basis points to 17.01 per cent.

Meanwhile, the company has posted 68.32 percent rise in net profit at Rs 28.11 crore for the nine months period ended December 31, 2006 compared to Rs 16.70 crore in the corresponding period previous year.

Net sales increased by 61.22 percent to Rs 385.13 crore compared to Rs 238.89 crore during the same period previous year.

The company has registered a 143 per cent in exports sales at Rs. 117 crore for the first nine months ended December 31, 2006 compared to Rs. 48 crore in the corresponding period last year. During this period, exports of fabrics grew from Rs. 23.94 crore to Rs. 43.70 crore.

While the export sales of yarn grew to Rs. 73.80 crore as on December 31, 2006 compared to Rs. 24.03 crore in the corresponding period last year

Commenting on company's financial performance, Mr R P Soni, Chairman, said: “Our on going expansion plan has enabled the company witness growth in volumes. Going forward, the implementation of 21 MW captive thermal power unit will help us to improve our margins significantly.”

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