Filatex India Q3 net profit rises 35 percent to Rs 47 crore

Filatex India Ltd reported a 35 percent increase in net profit to Rs 47 crore ($5.5 million) for the third quarter, as against Rs 35 crore in the year ago quarter.

The company’s revenue for the quarter was down by 1 percent to Rs 1,069 crore, as against Rs 1,083 crore in the corresponding quarter of the previous fiscal year.

Commenting on the results, Madhu Sudhan Bhageria, chairman managing director of Filatex in a statement said, “Over the last two quarters we experienced a low demand, and margins were minimal. However, in the third quarter there were signs of some positive shift that began in November.”

“We observed some upticks in both the demand and margins that continued in subsequent month. The increase in EBIDTA from Rs 45 to Rs 75 crore shows the improvement,” he added.

Filatex India Limited is among the country’s leading manufacturers of polyester filament yarn focused on capitalising synergies created through its integrated business model.