MUMBAI, India’s leading multinational textile company SVP Global Textiles Ltd., one of India’s largest compact cotton yarn producers, has reported revenue for the quarter ending December 2022 at Rs. 301.81 Crore reported total income from operations. SVP Global Textiles Ltd Reports Income from Operations of Rs. 301.81 crore in Q3FY23
Which for the quarter ending September, 2022 reported Rs. 294.10 crore representing a quarter-on-quarter increase of 2.62 percent over revenues. Ebitda for the third quarter of FY2023 is Rs. 75.83 crore which is Rs. 38.75 crore showing a quarter-on-quarter growth of 95.7 percent over Ebitda. The company has reported improvement in operational margin
And in the second quarter of financial year 2023 Rs. 20.35 crore in the third quarter of fiscal 2023 to Rs. 5.54 crores. Going forward, the company aims to significantly reduce debt, de-leverage the balance sheet and adopt an asset light business model.
At the end of the nine months ending December 2022, the company posted Rs. 876.39 crore in income from operations and Rs. 136.8 Crore Ebitda has been registered. The Board of Directors reviewed and discussed early notification of selection of SVP Global Textiles Limited under PLI Scheme for completion of pending projects so as to avail benefits under PLI Scheme.
SVP Global Textiles Limited CEO Major General OP Gulia, SM, VSM (Retd) said, “We are very happy with the company’s performance in the third quarter of FY2023 and expect to show better growth figures in the coming quarters.
Despite high raw material prices, the company was able to reduce losses during the quarter by improving operational and financial efficiency resulting in a significant improvement in Ebitda margin of 25.12% in the December quarter.
The company is in the process of analyzing various restructuring options available to it and aims to reduce significant debt through disposal of non-core assets and de-leveraging balance sheet while adopting an asset-light business.”
The company has a vision to become a fully integrated textile company from fiber-to-fashion with forward integration in fabric, technical textiles and garments to create a brand of its own.
