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PNN
Mumbai (Maharashtra) [India], February 7: Fiberweb (India) Ltd. a 100% EOU & manufacturers of non-woven fabrics announced its Spunless Project Expansion plan along with unaudited Q3 & 9M FY23 result. Q3 FY24 Key Financials at a Glance: * Total Income of Rs 14.95 Cr * EBITDA of Rs 2.08 Cr * EBITDA Margin of 13.92% * Net Profit of Rs 1.54 Cr * NPM (%) of 10.32% * EPS of Rs 0.54 9M FY24 Key Financials at a Glance: * Total Income of Rs 65.94 Cr * EBITDA of Rs 6.94 Cr * EBITDA Margin of 10.53% * Net Profit of Rs 3.74 Cr * NPM (%) of 5.68% * EPS of Rs 1.3 Commenting on the performance, Bhavesh P Sheth, Director of Fiberweb (India) Ltd. said, "We are happy to announce our Q3 FY24 results despite facing challenging geopolitical circumstances. Despite the disruptions caused by hostilities in the Red Sea area, particularly impacting the movement of ships to Europe & USA and causing a sudden surge in freight rates, adversely affecting exports, we have managed to maintain profitability. This unfortunate situation impacted our top line, notwithstanding our robust order book position. In addition to our financial performance, we are excited to announce our new diversification plan into the Spunlace project (Biodegradable), which promises manifold opportunities for our company. The expected cost of expansion is estimated to be around Rs. 140 Cr. We anticipate finalizing orders by the end of this financial year, with commercial production slated to commence by the end of the next financial year, provided everything progresses as planned. We remain optimistic about the opportunities ahead and are committed to achieving our objectives with determination and diligence." (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)
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