MUMBAI, November 15, 2017 /PRNewswire/ --
For the Quarter ended September 30, 2017 (Q2FY18):
For the Half Year ended September 30, 2017 (H1FY18):
PAT of Rs. 35.44 crore for H1FY18 as compared to in Q2FY17 Rs. 4.89 crore increased by 624%
SVP Global Ventures Limited (SVP), a diversified yarn manufacturing company, has declared its financial results for the second quarter and half year ended September 30, 2017.
The company reported Net Profit of Rs. 16.80 crore for Q2FY18, as compared to Rs. 3.10 crore in the corresponding quarter of last fiscal.
Total Income stood at Rs. 419.48 crore for Q2FY18, as compared to Rs. 360.51 crore in Q2FY17. SVP's Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in Q2FY18 stood at Rs. 62.84 crore, as compared to Rs. 19.47 crore in Q2FY17. The company's EBITDA margin and PAT Q2FY18 stood at Rs. 16.80 crore, as compared to Rs. 3.10 crore in Q2FY17.
For the half year ended September 30, 2017, SVP recorded a net profit of Rs. 35.44 crore as compared to Rs. 4.89 crore in the year ago period.
Total Income stood at Rs. 1027.72 crore for H1FY18, as compared to Rs. 615.69 crore in H1FY17. SVP's EBITDA in H1FY18 stood at Rs. 130.46 crore, as compared to Rs. 38.33 crore in H1FY17.
SVP's order book as on September 30, 2017 stood at more than Rs. 200 Crore.
Commenting on the financial performance of the company, Mr. Chirag Pittie, Managing Director, SVP Global Ventures Limited, said, "We are delighted to post a strong set of numbers for Q2 and H1 FY18. The result for the first half of the fiscal reflects the full performance of the company's new manufacturing facility at Rajasthan. Going forward, we expect to increase our margins further as cotton prices have dropped substantially in the new season."
About SVP Global Ventures Limited (http://www.pittie.com/; BSE: 505590)
SVP Global Ventures Ltd (SVP) is a diversified yarn manufacturing company that has carved a niche for itself as one of the prominent members in compact yarn business. SVP has a wide product portfolio ranging from cotton, blended yarn, open end yarn to superior yarns such as compact yarns. With 200+ years of experience in the textile business, the company, under the professional and expert leadership of Mr. Chirag Pittie, houses a highly skilled workforce and management team, which has a strong focus on automation and technology. By utilizing the best-in-line machinery sourced from global leaders, SVP opts for high level productivity and output.
In addition to being a trader and traditional yarn manufacturer, SVP is making a distinctive identity as a leading player in the value added compact yarn business. The company has a wide distribution network spread across major textile marketing centers in India including exports to countries like China, Bangladesh, Pakistan, Vietnam, Portugal and Turkey. Having set up an additional facility of 150,000 spindles and 2,400 rotors, SVP has professional expertise in sourcing superior quality raw materials that has led to higher quality yarns. The company owns three manufacturing units in Tamil Nadu with a total capacity of 98,000 spindles and rotors, which manufacture diversified quality of yarn with a count of 6 to 70.
Concept Public Relations Ltd