Lagnam Spintex declares FY22 results - Total revenue, EBITDA, PAT, EPS and more

Lagnam Spintex Ltd, manufacturer of high-quality cotton yarns, has announced its Annual FY22 results in its board meeting held on 16th April 2022. The company says that it was able to achieve the total revenue of Rs.348.95 crores during the FY22 as against Rs.205.52 crores during FY21, an increase of 70% and Profit after Tax of Rs.28.80 crores against Rs.4.47 crores during the same period of last year, resulting in an increase of 544%.

"The export turnover has jumped from Rs.104.17 crores to Rs.201.24 crores YoY. The export turnover comprises approx. 58% of the total turnover. The company has expanded its export base and currently exporting to the quality conscious market of European countries such as Portugal, Germany, Belgium, Netherland, Poland, and others, Bangladesh, Turkey, Argentina, Peru, etc.. The increase in export has improved the Operating margins during the FY22," as per company statement.

Financial Highlights for the Quarter ended March 31, 2022

·       Total Revenue at Rs.101.66 crores, rising by 39% YoY

·       EBITDA at Rs.15.11 crores, rising by 6%  YoY

·       Profit After Tax at Rs.7.1 crores, rising by 15% YoY

·       EPS at Rs.4.02, rising by 15% YoY

           
Board of Directors has approved a final dividend of 5% i.e.  Rs 0.50 per share. During the year the company also declared and paid an Interim Dividend of 5% i.e. Rs. 0.50 per Equity Share for the FY 2021-22 (Previous year- NIL). This translate into a total dividend of Rs 1 per share that is 10% per annum.

Commenting on the announcement of FY22 Results, Anand Mangal, MD of Lagnam Spintex, said, “Despite outbreak of the second wave of Covid-19, all time high raw material prices and the International disturbances, the company was able to maintain its production at full capacity and have achieved the increased turnover and profits. FY 2021-22 was very important for our company as it gave the impetus required for our next phase of expansion wherein, we would be installing an additional capacity of 41,472 spindles of 100% Cotton Compact yarn, to enrich the product mix of the company and to improve the value addition further. Solar Power plant of about 1.7 MW was commissioned in the end of December 2021 which will save the energy cost of the company."