Lagnam Spintex Reports Revenue Growth of 47% To Rs 92.58 Cr In Q2FY24

Lagnam Spintex Limited, a leading manufacturer of high-quality cotton yarns in India, has announced its results for the period ended on September 30, 2023 in its board meeting held on 9th November 2023.

The revenue for this quarter Q2FY24 grew to Rs 92.58 cr compared to Rs 63.05 crores in Q2FY23, a jump of 47%. Lagnam is very excited to inform you that the increase in Revenue was due to the new product profile they have added as part of their expansion project and reached out to new markets both in Exports and Domestic.

In exports, it has increased its volumes in countries like Turkey, Peru, Morocco, Argentina, South Korea to name a few. Lagnam expects its expansion project of 41472 spindles to be completed ahead of the scheduled date of 1st April 2024. This expansion project will double its capacity from 35 metric tonnes per day to 70 metric tonnes per day.

In the same quarter of the previous year, the company's total revenue was Rs 63.05 crores. In the preceding quarter, which ended on June 30, 2023, the revenue was Rs 71.75 crores.

Commenting on the performance of the company, Mr. Anand Mangal, Promoter and Managing Director of Lagnam Spintex said, "We are very happy with the way our expansion project is progressing. We are seeing great demand of our Compact yarn from existing and new customers. Our product quality from expansion project is well accepted in both the Domestic and Export markets which is helping us to increase our customer base."

On Thursday, the shares of Lagnam Spintex ended on the NSE at Rs 79.05 apiece.