Lagnam Spintex declares Q1 FY22 results - Check turnover, PAT and other financials

Lagnam Spintex, a manufacturer of high-quality cotton yarns, has announced its first-quarter FY22 results in its board meeting held on 15th July.  

The company says it was able to achieve a turnover of Rs 74.72 crore during the quarter, against Rs 19.64 crore during the first quarter of FY21, an increase of 280 per cent and Profit after Tax (PAT) of Rs 6.11 crore, against the loss of Rs 7.41 crore during the same period of last year, resulting in an increase of 182 per cent.

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The exports turnover has jumped from Rs 15.29 crore to Rs 40.78 crore year-on-year (YoY) for the reported quarter. The export turnover comprises 55 per cent of the total turnover.  

The company has expanded its export base and currently exporting to the quality-conscious market of Portugal, Germany, Bangladesh, Turkey, Peru, Belgium, Netherland, Poland, Argentina, etc. The increase in export has improved the operating margins during the quarter under review, says the company.

Commenting on the announcement of the first quarter FY22 results, Anand Mangal, MD of Lagnam Spintex, said: “Despite the outbreak of the second wave of the Covid-19 during the April-June quarter, the company was able to maintain its production at full capacity having achieved successfully the increased turnover and profits.”  

He further added: “The second quarter of FY 2021-22 is important for our company as we are in process to move to the main board of the NSE, and we will be undertaking balancing program to enrich the product mix of the company to improve the value addition. The company is also putting Solar Power plant of about 2.0 MW, which will save the energy cost of the company." 

"From the core of our heart, we want to thank our team and shareholders for regular and continued support during all times. We will leave no stone unturned to make this quarter even greener in terms of balance sheets and winning the trust of everyone," Mangal added.