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Dyed yarn producer Sangam exports zoom 47%

31 Oct '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 second quarter ended September 30, 2007.

Q2FY08 Performance Update:
During the quarter, Net Sales / Income from operations increased by 37.74 per cent rise to Rs 188.77 crore for the second quarter ended September 30, 2007 as compared to Rs 137.05 crore in the corresponding quarter previous year.

The Exports zoomed by 47% in $ term to USD 13.69 Million (Q2FY08) from USD 9.31 Million (Q2FY07). Export in first half is also grown by 54 % in $ term.

The company witnessed pressure on margin due to sharp appreciation of rupee and increase in raw material price. Company has registered moderate growth in operating Profits to 26.89 crore as against Rs. 24.24 crore in Q2FY07 however PBIDT margins dipped by 3.46 percent.

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

Net Profit for the quarter ended September 30, 2007 stood at Rs. 5.67crore resulting in an EPS (Basic & Diluted) of Rs. 1.44 as against the Net Profit of Rs. 10.21 crore and EPS (Basic & Diluted) of Rs. 2.77 for the corresponding quarter last year. However, the Cash EPS amounted to Rs. 4.60 in comparison to Rs. 5.29 during the corresponding quarter last year.

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