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Sangam (India) Q1FY08 net sales at Rs 150.54 cr

01 Aug '07

3 min read

Sangam (India) Ltd, one of the largest polyester-viscose dyed yarn manufacturers in India announced its un-audited results for the first quarter ended June 30, 2007.

Q1FY08 Performance Update:
During the quarter, Net Sales / Income from operations increased by 36.30 per cent rise to Rs 150.54 crore for the first quarter ended June 30, 2007 as compared to Rs 110.47 crore in the corresponding quarter previous year.

The Exports zoomed by 62% to Rs 43.20 crore (Q1FY08) from Rs 26.70 crore (Q1FY07).The Net realization of per kg of yarn in increased from Rs.125 per kg to Rs. 130 per kg, but realization in fabrics division has been increased substantially from Rs. 64 to Rs 79 per meter.

The company witnessed a significant improvement in operating profits on account of higher contributions from the fabric division. EBITDA for Q1FY08 was Rs. 23.29 crore as against Rs. 19.21 crore in Q1FY07; registering a growth of 21.24 percent.

The company's net profit during the quarter ending June 30, 2007 was affected due to rupee appreciation and rising interest rates. Also, higher depreciation costs increased on account of the on-going expansion plans affected the company's performance.

Net Profit for the quarter ended June 30, 2007 stood at Rs. 6.51 crore resulting in an EPS (Basic & Diluted) of Rs. 1.65 as against the Net Profit of Rs. 7.22 crore and EPS (Basic & Diluted) of Rs. 1.96 for the corresponding quarter last year. However, the Cash EPS amounted to Rs. 4.20 in comparison to Rs. 4.27 during the corresponding quarter last year. The share capital of Sangam India has increased by Rs 50 millions.

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