Filatex Fashions Ltd., engaged in the manufacturing and sale of knitted socks, has announced Financial Results for quarter and half year ended 30 September, 2022. For the half year ended 30 September, 2022, the company saw a massive jump of 472% in its revenues YoY, from Rs. 14.24 Cr (H1FY22) to Rs. 81.59 Cr (H1FY23). For the corresponding period, the company witnessed a multifold jump in its PAT, which grew 6900% YoY, from Rs. 0.06 Cr (H1FY22) to Rs. 4.60 Cr (H1FY23), an official statement said.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

For the quarter ended 30 September, 2022, the company turned profitable YoY, with PAT rising from a loss of Rs.0.04 Cr (Q2FY22) to a profit of Rs. 4.56 Cr (Q2FY23), the statement added.

Recently, Filatex Fashions had announced that it intends to acquire 51% of the Equity Share Capital in Isabella (Pvt.) Limited, Sri Lanka for a consideration of USD 7.55 Mn approximately. In this regard, the Company is in the process of reaching certain preliminary understandings for the proposed Acquisition/ Subscription of Shares of Isabella (Pvt.) Limited, which is into the business of Manufacturing Apparels and related Products in Sri Lanka.

Earlier, its board had approved raising of funds through issuance of Foreign Currency Convertible Bonds (FCCBs) not exceeding USD 100 Mn on private placement basis. Also the board has approved expansion and strengthening of the existing Business – manufacturing of premium quality socks by capacity enhancement/ further modernization/ and expansion into production of other garments and allied products.