Textile stock engaged in the manufacturing of high-quality yarns, socks and many more to big players like Adidas, Fila and many others hit a 5 percent upper circuit in the day’s trade after its subsidiary received a new export order worth $43,875,000.
Price Action
With a market capitalization of Rs. 1,008.42 Crores, the shares of Filatex Fashions Limited hit a 5 percent upper circuit in the day’s trade at Rs. 1.21 per equity share, from its previous day’s close price of Rs. 1.16.
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What Happened
Filatex Fashions Limited’s subsidiary Filatex Mines and Minerals Private Limited has received a new export order from Société DIMO – BTP SARL (SDBS) for the supply of 1.59 Lakh Tonnes of 2’x2’marble polished tiles with dimensions of 20mm & 30mm thickness, over 5 years for a consideration of $43,875,000.
Société DIMO – BTP SARL (SDBS) is a company based out of the Republic of Guinea and has been a distributor of granite and marble for the past nine years with a dealer network of over 5000 in 14 African countries.
About the Company
Filatex Fashions Limited is engaged in the business of manufacturing socks. It manufactures socks in its plant deploying fully computerized automatic machines backed by technology in knitting and embroidery. It has an installed capacity of approximately 70 lakhs of socks per annum, with manufacturing plants in Hyderabad, Telangana state. It is also involved in cotton product activities.
It has a strong clientele base with well-known companies like FILA, Sergio Tacchini, Adidas, Walt Disney, and many other top labels of the fashion world.
Financials and Ratios
Its revenue from operations grew by 26.62 percent from Rs. 19.12 Crores in Q1FY24 to Rs. 24.21 Crores in FY24, accompanied by profits of Rs. 1.59 Crores to Rs. 1.73 Crores.
In terms of Return ratios, it has reported a return on equity (ROE) of 0.74 percent, and a Return on capital employed (ROCE) of 1.07 percent. It has reported a debt-to-equity ratio of 0.02.
Written by: Bharath K.S
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