India’s leading textile company RSWM Ltd. achieved sales of Rs. 1,024 crore during Q1, FY ’23, which is 38 per cent up from Rs. 742 crore in Q1, FY ’22.
The company, known for variety of quality fabrics, believes that upbeat sentiments in domestic markets drove consumer demand.
While the school uniform season increased the demand for yarn, the wedding season increased footfalls on retail end. The cost optimisation programme also helped the company in maintaining the profit margin.
The company informed that additionally, a 30,000 spindles yarn capacity unit at Gulabpura and denim fabric and knitting units at Banswara started commercial production from 1 July 2022.
In the quarter, ended 30 June 2022, earnings before interest, taxes, depreciation and amortization (EBITDA) was Rs. 141 crore compared to the quarter ended 30 June 2021.
Domestic demand of the company witnessed a strong growth, increasing 62 per cent year-over-year (Y-o-Y), while export sales were in-line with Q1, FY ’22 at Rs. 286 crore and exports maintained momentum Y-o-Y despite recession.
Riju Jhunjhunwala, CMD of the company, said “For Q1, FY ’23, our focus on execution and cost controls has helped us achieve a strong Q1 performance, where we have increased revenues and improved margins Y-o-Y. We have commenced our knitting unit and other expanding capacities in Gulabpura and Banswara, which will put us in a strong position for the coming quarters. We now look into the future with excitement and confidence in our ability to drive continuing value for our stakeholders by delivering the strategic business plan.”
