Filatex Fashions Ltd's mining subsidiary secures total Export Orders worth Rs. 661 crore

PNN
Hyderabad (Telangana) [India], August 30: Filatex Mines and Minerals Pvt Ltd, subsidiary of Hyderabad based leading socks and cotton products manufacturing company Filatex Fashions Ltd (BSE - 532022, NSE - FILATFASH) has received total export orders worth Rs. 661 crore (USD 78,875,000) in a month's time.
On August 29, 2024 company's subsidiary in the mining business, Filatex Mines and Minerals Private Ltd announced that it has received order from Republic of Guinea based company, Societe DIMO - BTP SARL ("SDBS") for supply of 1,59,000 tonnes of marble polished tiles for over a period of 5 years which is estimated to be USD 43,875,000 (Rs 368 crore). SDBS is a distributor of granite and marble with a dealer network of over 5000 in 14 African countries.
This is the second export order for company's mining subsidiary. Earlier on 26 July, 2024 the company received the order for supply of 2,97,388 metric tonnes of white marble worth USD 35 million (Rs. 293 crore) over a period of 7 years. As on 29 August 2024, company's market capitalization stands at Rs. 966.75 crore.
Board of Directors of Filatex Fashions Ltd at its meeting held on 26 July 2024 has approved the appointment of Mr. Sunil Agarwal as an Additional Director and CEO of the Company in the Executive Director category. The appointment is subject to the approval of the shareholders in the ensuing Annual General Meeting. Mr. Sunil Agarwal has over 10 years of extensive experience and holds expertise in Financial Services, Advisory, Investment Advisory and Risk Management Consulting and has been on the Boards of some prominent companies.
Highlights:
* Appointed Sunil Agarwal as an Additional Director and CEO of the Company w.e.f 26 July 2024
* Company's Board recently approved 5-for-1 stock split and fix 9 August as record date
* Company in the EGM approved the stock split; Authorised share capital at Rs. 850 crore.
* Company to set up a wholly owned subsidiary for export of textile garments and fabrics in Delhi
* Company's shares are listed and admitted to dealings on National Stock Exchange w.e.f 6 May 2024
* For Q1FY25, company posted net profit of Rs. 1.73 crore, total income of Rs. 24.22 crore.
Company in it's the Extra Ordinary General Meeting held on 15 July 2024 approved the 5-for-1 stock split. Authorized share capital of the company of the company further to the approval of the shareholders in EGM stands at Rs. 850 crore divided into 850 crore equity shares of Rs. 1 each.
To enhance the liquidity in the capital market and widen shareholder base, the company in the board meeting held on 7 June 2024 approved 1:5 (5-for-1) stock split. Company approved sub-division of existing 1 Equity Share of face value of Rs. 5 each fully paid up into 5 Equity Shares of Rs. 1 each fully paid up. Record date for the purpose of stock split is fixed as 9 August 2024. Incorporated in 1995, Filatex Fashions Ltd specializes in socks manufacturing and cotton products with 25 socks-knitting machines with the latest finishing and setting machines, using infrared technology for the first time in India. Filatex Fashions has gained rich experience in the European and Indian market. With manufacturing plants located in Hyderabad, Telangana, the company offers private label services and the option to use its branded label for socks. Company's clients include renowned brands like FILA, Sergio Tacchini, Adidas, Walt Disney and many other top labels of the fashion world.
Company's shares are recently admitted to dealings on NSE with a code FILATFASH w.e.f 6 May 2024. Company's shares were listed on Bombay Stock Exchange since 23 September 1996 and will continue to be listed on the exchange with the scrip code 532022. Company has also appointed Mr. Yash Sethia as Chief Financial Officer (CFO) of the Company from 30th March 2024.
Company board in the meeting held on 6 July has approved to set up a wholly owned subsidiary for export of textile garments and fabrics in Delhi reason being Delhi is a source for readymade goods which can be easily supplied to overseas market. Additionally, board also approved proposal to set up a Corporate Office in Mumbai for business expansion and planning to appoint senior managerial personnel like CEO, head of compliance etc. which will help the company in its smooth business expansion in global markets.
Company has a State of art manufacturing unit located at Hyderabad having ultra-modern, latest machinery from Korea and Italy with In-house R&D facilities, is on Growth path with various new orders from Leading Brands. Company has a modern state-of-the-art plant spread over 4 acres capable of producing 8.64 million pairs of socks per annum. The company further plans to ramp up production capacity upto 14 million pairs of socks per annum.
For Q1FY25, net profit of the company was reported at Rs. 1.73 crore and total income of Rs. 24.22 crore. During FY23-24, company posted net profit of Rs. 8.95 crore, total income of Rs. 179.02 crore.
For more information, visit www.filatexfashions.co.in
(ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)