In Q2FY22, SVP Global Ventures made a profit of Rs 40.85 crore
18th October 2021, Mumbai:
SVP Global Ventures Ltd., a Mumbai-based major cotton manufacturer, recorded a net profit of Rs. 40.85 crore for the second fiscal year ended September 2021, up from Rs. 10.75 crore in the second fiscal year ending September 2021, a 280 percent increase.
In a statement, the textile giant said that EBITDA (Earnings Before Interest Tax Depreciation and Amortization) for Q2FY22 was Rs. 93.06 crore (EBITDA margin 23.18%), up from Rs. 57.63 crore (EBITDA margin 15.83%) in Q2FY21, representing a 61 percent increase.
The Q2FY22 income from operations was reported at Rs. 405.74 crore, up 9% from the previous fiscal's same-period income from operations of Rs. 372.28 crore.
SV Pittie Sohar Textiles, an SVP Global company, began commercial operations on 15 August 2021 at its mammoth textile facility in the Sohar Free Trade Zone in Oman.
"Company's success during the quarter has been very exceptional across all segments on the basis of rising volumes, robust order book, and new products," stated Major General OP Gulia, SM, VSM (Retired), CEO, SVP Global Ventures Ltd. The expansion in Oman is complete, and it has begun to contribute to the Group's financial performance.
Our strategic growth initiatives, such as increased capacity and operational efficiencies, as well as product and geographic expansion with a focus on high margin products, such as compact cotton, are expected to drive profitability, contribute to the company's growth, and increase value for our stakeholders."
The firm had a net profit of Rs. 80.04 crore during the six months ending September 2021. (PAT margin 10.18 per cent).
The H1FY22 income from operations was Rs. 817.60 crore, up 73 percent over the previous fiscal's same-period income from operations of Rs. 472.08 crore. EBITDA for the first half of FY22 was Rs. 184.45 crore (EBITDA margin 23.46 per cent).
