Hyderabad, A subsidiary of Hyderabad-based leading socks and cotton products manufacturer Philatex Fashions Limited has bagged an export order worth US$ 35 million for the supply of 2,97,388 metric tonnes of white marble. Filatex Fashions Ltd's mining subsidiary receives Export Order worth Rs. 293 crores
Company's subsidiary in mining business To Philatex Mines & Minerals Pvt This order has been received from Bloomflora Ventures Limited. The company is in the hospital development business for their upcoming 54-bed hospital in Africa. 35 million US dollar order to supply white marble over a period of 7 years (Rs. 293 of crores) is estimated to be This is the first export order from the company's mining subsidiary.
The Board of Directors of Philatex Fashions Limited in its meeting held on 26 July 2024 has approved the appointment of Mr. Sunil Aggarwal as Additional Director and CEO of the Company in the category of Executive Director. These appointments are subject to the approval of the shareholders at the next Annual General Meeting. Mr. Sunil Agarwal has over 10 years of extensive experience and expertise in financial services, advisory, investment advisory and risk management consulting and has been on the boards of some of the leading companies.
The company approved the share split into five shares of one share in the Extraordinary General Meeting held on 15 July 2024. The company's authorized share capital of the company is Rs. 850 crores and each Rs. 850 crores of 1 is divided into equity shares.
To increase liquidity in the capital market and broaden the shareholder base, the company approved a share split of 1:5 (five shares of 1 share) in the board meeting held on 7 June 2024. The company paid Rs. 5 of the existing 1 equity share of face value of Rs. 1 has been allowed to be split into five fully paid-up equity shares. The record date for the purpose of share split has been fixed as 9 August 2024.
Established in 1995 Philatex Fashions Limited specializes in manufacturing socks and cotton products with 25 socks-knitting machines along with latest finishing and setting machines using infrared technology for the first time in India. Philatex Fashions has gained rich experience in European and Indian market. With a manufacturing plant located in Hyderabad, Telangana, the company offers private label services and the option to use its branded label for socks. The company's clients include famous brands such as Fila, Sergio Tacchini, Adidas, Walt Disney and many other top labels in the fashion world.
Shares of the company as recently as 6 May 2024 FILATFASH have been accepted for trading on NSE with the code. The Company's shares were listed on the Bombay Stock Exchange from 23 September 1996 and will continue to be listed on the Exchange with scrip code 532022. The Company has also appointed Mr. Yash Sethia as the Chief Financial Officer (CFO) of the Company with effect from 30th March 2024.
In a meeting held on July 6, the company's board has approved the setting up of a wholly-owned subsidiary for export of textile garments and fabrics in Delhi as Delhi is a source for readymade goods that can be easily supplied to overseas markets. Further, the board also approved the proposal to set up a corporate office in Mumbai for business expansion and plans to appoint senior managerial personnel like CEO, Head of Compliance etc. which will help the company in its smooth business expansion in global markets.
The company has a state-of-the-art manufacturing unit located at Hyderabad, with in-house R&D facilities along with advanced machinery from Korea and Italy, which is on a growth trajectory with various new orders from leading brands. The company has a modern state-of-the-art plant spread over 4 acres which can produce 8.64 million pairs of socks per year. The company further plans to increase production capacity to 14 million pairs of socks annually.
For the financial year 2023-24, the company will invest Rs. 8.95 crore in net profit, total revenue of Rs. 179.02 crores. During the fourth quarter of fiscal 2024, the company reported a net profit of Rs. 2.56 crores and a total income of Rs. 69.59 crore was registered.
