Lagnam Spintex reports strong Q3 with revenue jump and profit increased

Lagnam Spintex, a leading Indian cotton yarn manufacturer, announced impressive results for the quarter ended December 31, 2023. Revenue increased by 71 per cent to Rs 123.63 crore compared to Rs 72.16 crore in the same period last year. This growth was attributed to the company's successful expansion project and entry into new domestic and export markets.

Profit after tax (PAT) witnessed a multifold jump, growing from Rs 0.23 crore in Q3FY23 to Rs 4.63 crore in Q3FY24. This translates to a significant increase in earnings per share (EPS) from 0.22 to 2.62.

The company's export turnover saw a remarkable 310 per cent increase, reaching Rs 62.02 crore and contributing 50 per cent of the total revenue. This growth was driven by rising export demand and the introduction of new products in quality-conscious markets like Europe, Columbia, and Egypt.

Commenting on the performance, Anand Mangal, Promoter and Managing Director of Lagnam Spintex, said, "We are thrilled that our expansion project coincided with an uptick in cotton yarn demand. The high-quality products from this project have been well received in both domestic and export markets, expanding our customer base."

The company is also committed to sustainability and has commissioned a 4.4 MW rooftop solar project, with plans to add another 0.5 MW soon. This initiative will help reduce energy costs and contribute to a greener future.