Lagnam Spintex share saw a strong surge in buying interest today, despite the heavy sell-off in the small-cap index and other indices of the Indian stock market. This was in response to the board of directors of the company declaring their Q3 results for the year 2024.
In Q3FY24, Lagnam Spintex reported a total revenue of ₹123.63 crore in the October to December 2023 quarter, marking a year-on-year growth of 73.32 percent against the revenue of ₹72.16 crore in the same period the previous year. The company also saw a quarter-on-quarter increase in total revenue by over 33.50 percent, rising from ₹92.58 crore to ₹123.63 crore. The company’s Profit After Tax (PAT) was at ₹4.63 crore in the October to December 2023 quarter, compared to ₹0.23 crore in Q3FY23, signifying a significant improvement.
The Export Turnover of Lagnam Spintex has surged from ₹15.11 crore in Q3FY23 to 62.02 crore in Q3FY24, comprising 50 percent of the company’s total revenue. This increase was primarily due to the rise in export demand and the company’s new product offerings in quality-conscious markets, including Europe, Columbia, Egypt, and Morocco.
Anand Mangal, Promoter & Managing Director of Lagnam Spintex, expressed enthusiasm over the company’s performance in light of the uptick in Cotton yarn demand in the quarter. He also highlighted the company’s expansion project, which has been well received in both the Domestic and Export markets, leading to an increased customer base.
Moreover, the company informed that they are moving toward renewable energy and have commissioned a 4.4 MW Rooftop Solar project, with plans to add another 0.5 MW shortly, in an effort to reduce energy costs for the company.
In conclusion, Lagnam Spintex’s strong Q3 results and growth trajectory have elicited a positive response from investors, with Dalal Street bulls showing greater interest in the small-cap stock following the company’s latest financial performance.
