SVP Global Ventures Q2 net profit jumps to Rs 41 crore
Cotton yarn manufacturer SVP Global Ventures witnessed a four-fold jump in consolidated net profit to Rs 41 crore ($5.5 million) for the second quarter ended September 30, as against Rs 11 crore it had reported in the year-ago period.
The company’s revenue for the quarter rose to Rs 401 crore, as against Rs 364 crore it reported in the corresponding period of the previous fiscal year.
Commenting on the performance, SVP Global Ventures Ltd CEO, Maj Gen (retd) OP Gulia, in a statement said: “There was growth across all segments on the back of improving volumes, strong order book, and innovative products. Expansion at the company's Oman manufacturing unit is completed and has started to contribute to the financial performance of the group.”
"Our strategic growth initiatives, enhanced capacity and operational efficiencies, product and geographical expansion with a focus on high margin products like compact cotton are likely to drive profitability, contribute to the growth of the company and enhance value for our stakeholders,” Gulia added.
SVP Global is an approved supplier for leading brands like Ikea and Zara, among others, and claims that its order book currently stands at Rs 5,000 crore.
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