Operational efficiencies, better product mix and cost rationalization led to considerable increase in margins on a sustainable basis, the SVP Global said.
MUMBAI, Jan 21 (The CONNECT) - SVP Global Ventures Limited has reported a 55% jump in EBIDTA for Q3FY21 at Rs. 76 crs as compared to Rs. 49 crs in Q3FY20. EBIDTA margin for the quarter stood at 20.6% up by 780 bps Y-o-Y. EBIDTA for 9MFY21 stood at Rs. 116 crs with an EBIDTA margin of 14%.
Operational efficiencies, better product mix and cost rationalization led to considerable increase in margins on a sustainable basis, the Company said.
Commenting on the results and performance for Q3 & 9MFY21, Major General O.P. Gulia, President for SVP Global Ventures Limited said: The cost rationalization initiatives by the company during the first half of the year coupled with better product mix and operational efficiencies led to a margin expansion of 780 bps as compared to same period last year. The major revolution was brought in by increasing the manufacturing of compact cotton yarn to 84% backed by strong order book.
SVP Revenue for Q3FY21 stood at Rs. 371 crs as compared to Rs. 386 crs in Q3FY20 down by 4%. Revenue for 9MFY21 stood at Rs. 826 crs.
Consolidated PAT for the quarter stood at Rs. 33 crs, an increase of 35% as compared to Q3FY20. PAT margins increased by 260 bps to 9% for Q3FY21 compared to 6.4% for the same period last year.
Established in 1898 by late Vallabh Pittie, as a textile trading house, the SVP Group has now become one of the largest compact cotton yarn manufacturers in the world. The Company is headquartered in Mumbai and is primarily engaged in the business of manufacturing polyester, polyester & cotton blend, and 100% cotton yarn across state-of-the-art manufacturing facilities in Jhalawar, Rajasthan, Ramnad, Coimbatore and Sohar, Oman.
The company expanded its manufacturing operations in 2017 by setting up and starting commercial operations from state of the art, most modern and automated, 150,000 spindles and 2,400 rotors cotton yarn manufacturing facility in Jhalawar, Rajasthan. Further, between 2018-2019 it commenced set up and commercial operations of a manufacturing unit of 3,500 rotors and 150,000 spindles in Oman. As on date the company has an aggregate manufacturing capacity of 4,00,000 spindles and 5900 rotors in India and Oman and has 2 international offices based in US, Georgia and Europe, Lithuania and currently exports to China, Bangladesh, Pakistan, Vietnam, Portugal and Turkey.