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Sangam (India) net sales up 59% in FY07

25
May '07
Sangam (India) Ltd, one of the largest polyester-viscose dyed yarn manufacturers, posted a 59.28 per cent rise in net sales at Rs. 552.36 crore for the year ended March 31, 2007 compared to Rs. 346.78 crore last year. During the year, the company's export sales rose by 101 per cent to Rs 173 crore compared to Rs 86.29 crore in the previous year.

Net Profit grew by 9.08 per cent at Rs. 27.02 crore as against Rs. 24.77 crore of previous year. Despite challenging market scenario, rising interest rate and appreciating rupee, the company has been able to maintain operational margin at higher level 17.16 % compare to 15.3% of last year.

However, if the one time income of 6.22 crore in FY06 on account of Target Plus Scheme of Government of India is excluded, EBITDA for the previous year would stand at Rs 59.34 crore compared to Rs. 94.81 crore in FY07; registering a growth of 59.77 percent.

During the current year as per the approval of Hon'ble High Court of Rajasthan erstwhile SPBL Ltd. has been amalgamated with the company. Accordingly financial performance of the company includes the results of the erstwhile entity for the quarter and upto 12 months ended 31st March, 2007. Hence, the figures of corresponding quarter and 12 months ended 31.03.2006 is not comparable.

Expansion Plan Status:
The company is executing Expansion & Diversification Project having an aggregate outlay of Rs. 707 crore in which installation of 147552 Spindles, 140 Weaving Machines, 12 Knitting Machines, Captive Power Plants of 21 MW and a Modern Process House have been envisaged.

Out of the above Projects 66,912 Spindles, 90 Weaving Machines, 12 Knitting Machines have already been installed upto 31st March 2007, the full impact of which will be reflected in the current year.


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