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Sutlej Textiles' Q1 FY18 EBITDA expands to Rs 76.28 cr
21
Jul '17
Pic courtesy: Sutlej Textiles & Industries Ltd
Pic courtesy: Sutlej Textiles & Industries Ltd
Sutlej Textiles and Industries Ltd (STIL), one of India’s largest spun dyed yarn manufacturers, has reported its financial results for the quarter ended June 30, 2017. The company’s total income in the first quarter of fiscal 2017-18 stood at Rs 658.73 crore, while its EBITDA expanded to Rs 76.28 crore. PAT was at Rs 23.58 crore, and EPS was Rs 14.39.

April-June 2017 was the first quarter of commercial operations at the company’s brownfield project at Bhawanimandi in Rajasthan. STIL commenced commercial production of 35,280 spindles at the facility set up at a cost of Rs 270 crore. 17 circular knitting machines are under installation at the facility and are expected to get complete in the second quarter of the current fiscal. This project, being funded by mix of internal accruals and term loans sanctioned under TUFS, will have dedicated capacity focused towards producing value added cotton and cotton blended dyed and mélange yarn.

STIL is also undertaking brownfield capacity expansion of 28,800 spindles at its specialty synthetic yarn facility in Baddi, Himachal Pradesh. Estimated project cost is Rs 215 crore and the project is likely to start commercial production from end of Q4 FY19. The incremental capacity would be dedicated towards manufacturing of 100% polyester industrial yarn and other grey blended specialty synthetic yarn.

In its modernisation update, STIL said it has invested around Rs 10 crore during Q1 FY18 towards technology upgradation and debottlenecking, etc. This will result in further improvement of efficiency and sustaining plant utilisation. The company intends to deploy further amount of approximately Rs 70 crore during the current fiscal year towards technology upgradation and debottlenecking, etc.

“I am happy that Sutlej Textiles and Industries has been able to achieve top line growth as new capacities have started commercial production, both in spinning and home textiles. We expect that the operations will stabilise during Q2 FY18 and the value added products will be the profit driver in the future,” said CS Nopany, STIL chairman. (RKS)

Fibre2Fashion News Desk – India


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