Leading manufacturer of polyester filament yarn, Filatex India Ltd., has announced a robust 35 percent year-on-year increase in net profit for its third quarter. The company’s profit reached US $ 5.6 million, up from US $ 4.2 million in the same quarter of the previous fiscal year.
While revenue saw a slight dip of 1 percent to US $ 130 million, compared to US $ 131.4 million last year, the company signaled a positive shift in market conditions.
Chairman and Managing Director of Filatex, Madhu Sudhan Bhageria, has said that the last two quarters suffered a low demand rate and recorded lower margins; however, the third quarter saw a desirable shift in demand among the consumers, especially at the beginning of November.
Bhageria also highlighted an uptick in both demand and margins, which continued into subsequent months. This improvement is reflected in the company’s EBIDTA, which rose significantly from US $ 6 million to US $ 9 million.
Filatex India, known for its integrated business model, is a key player in the Indian polyester filament yarn market. The company’s latest results suggest a recovery in the sector after a period of subdued performance.
