Filatex India Reports 50% YoY Growth in Net Profit for Q2FY19

NEW DELHI:
Filatex India Limited, a leading manufacturer of synthetic man-made filament yarns, said its Q2FY19 Net Proft increased 50% to 20.25 crore rupees as the company opened a new production line. Revenue rose 73% to 718 crore rupees during the July-September quarter. The results are unaudited.

Key Financial Highlights:
Quarterly Performance:
Net Profit surged to Rs. 20.25 Cr in Q2FY19 from Rs. 13.52 Cr Q2FY18, up by 50% YoY
Standalone Revenue stood at 718 Cr in Q2FY19 from 414 Cr Q2FY18, up 73% YoY
EBITDA at Rs. 64.84 Cr in Q2FY19 from Rs. 36.08 Cr Q2FY18, up by 79% YoY
EBITDA margin rose to 9.03% Q2FY19 from 8.71% in the same period last year

Highlights/achievements in Q2FY19:
Yarn production increased to 64,787 tons from 44,916 tons up by 44% YoY
Chips production increased to 8,575 tons from 4502 Tons up by 90% YoY
Overall Yarn production capacity increased from 1,91,500 TPA in FY18 to 2,68,900 TPA in FY19

Half-yearly Performance:
Net profit surged to Rs. 40.39 Cr in H1FY19 from Rs. 27.85 Cr in H1FY18, up by 45% YoY
Standalone Revenue stood at 1,423 Cr in H1FY19 from Rs. 845 Cr in H1FY18, up 68% YoY
EBITDA at Rs. 121.64 Cr in H1FY19 from 72.33 Cr in H1FY18, up by 68% YoY
EBITDA margin maintained at 8.6% H1FY19 as was the same period last year

Updates on Filatex:
Has increased production capacity to 3,28,300 TPA in FY19 from 2,37,000 TPA in FY18
Have initiated debottleneck of polymer capacity from 900 to 1,050 MT/day along with addition of POY capacity of 61,000 TPA and texturizing capacity of 72,000 TPA
Active evaluation of costs and statutory compliance for a captive power plant as overall energy need would go up leading to a viable capacity rating plant of 25 MW
Viability of 1.5 to 2 MW capacity Solar Power Plant on the roof top of existing buildings at Dahej Plant and around 0.5 to 0.8 MW Solar PV power plant at Dadra Unit

Commenting on the performance, Madhu Sudhan Bhageria, Chairman & Managing Director, Filatex India said, “As the standard of living improves, demand for man-made fibers will see a boost globally and locally. In India, as we move away from an agrarian economy, natural fibers are becoming expensive and more difficult to grow due to paucity of arable land.

Synthetic Fibers are gradually replacing them as they offer similar quality and properties at much affordable cost. At Filatex, we are preparing for this boom by manufacturing top quality and cost-effective yarns. We are expanding capacity to meet growing domestic needs along with our already flourishing exports business. We are also exploring technology for manufacturing value added fabrics which are currently being imported.”