Lagnam Spintex posts strong Q1 results

Bhilwara-based Lagnam Spintex Limited announced robust financial performance for the first quarter ended June 30, 2024. Total revenue grew 123 per cent to Rs 160 crore compared to the previous year, driven by the successful launch of new products and expanded market reach.

The company's EBITDA increased 91 per cent to Rs 13.77 crore, while net profit increased by 16 per cent to Rs 1.58 crore. Exports witnessed remarkable growth, with volumes soaring 187 per cent and revenue jumping 193 per cent to Rs 77.88 crore.

Lagnam Spintex attributed this growth in Q1 export revenue to its new compact yarn product, gaining traction in quality-conscious markets like Europe, Columbia, Egypt, Morocco, Peru, and existing strongholds in Bangladesh, the US, and Italy.

Anand Mangal, the company's promoter and managing director, highlighted the company's steady performance despite global economic challenges. He emphasized, their focus on optimizing capacity utilization and product mix through expansion, has broadened the company's market reach both domestically and internationally.