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Sangam (India) back in black; achieves highest revenues

27
May '10
Strong domestic demand coupled with better capacity utilisation has enabled Sangam (India), a leading polyester-viscose dyed Yarn Company, post drastic turnaround in its performance for the financial year ended March 31, 2010. The board of directors have recommended dividend at the rate of 10 per cent on equity shares for the financial year 2009-10.

For the year ended March 31, 2010, Sangam (India) posted a 14 per cent rise in net sales at Rs. 852.25 crore compared to Rs 748.27 crore last year The company has posted net profit of Rs 17.16 crore against net loss of 15.98 crore. Despite of challenging market scenario and volatile movement of currency, the company has seen a significant improvement in its EBIDTA margins by 4.45% to 15.02 per cent compared to 10.57 per cent of last year.

For the quarter ended March 31, 2010, the company has posted 28% growth in net sales at Rs 229.38 crore compared to Rs 179.50 crore in the corresponding quarter last year. It posted a profit of Rs 7.79 crore against net loss Rs of 3.52 crore , EBIDTA margin in Q4 has been improved by 395 basis point to 16 .06 % on back of strong demand in PV dyed segment and overall improvement across the sector

Commenting on the result Mr R.P Soni chairman of the company said – “During the current year the company has posted good set of number and achieved the highest ever revenues of 852.25 crore . The company has also posted highest ever EBIDTA of Rs. 127.99 crore and posted a cash profit of Rs 89.31 crore. The company has witnessed strong demand for its products from January 2010 onwards as surplus capacity in the sector has been absorb by robust domestic demand. Going forward, we are foreseeing the strong business growth in the coming quarters”.

Expansion Plan
The company is undertaking a expansions by doubling its denim production from 8 million meter to 16 million meter by setting up an additional line. In FY09, the company had completed its Rs 650 crore major expansion plan by adding 1.29 lakh spindles, 130 weaving machines, setting up of 21MW power plant and modernising of process house.

Order book position
The company has witnessed a significant improvement in it's order-book position. As on March 31, 2010, company's order book position stood at Rs 170 crore, including export order of Rs 60 crore.

Sangam (India) Limited


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