Lagnam Spintex Limited Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2023
February 12, 2024 at 03:24 am
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Lagnam Spintex Limited reported earnings results for the third quarter and nine months ended December 31, 2023. For the third quarter, the company reported sales was INR 1,235.76 million compared to INR 721.28 million a year ago. Revenue was INR 1,236.35 million compared to INR 721.64 million a year ago. Net income was INR 46.23 million compared to INR 3.86 million a year ago. Basic earnings per share from continuing operations was INR 2.62 compared to INR 0.22 a year ago. Diluted earnings per share from continuing operations was INR 2.62 compared to INR 0.22 a year ago.
For the nine months, sales was INR 2,878.54 million compared to INR 2,142.88 million a year ago. Revenue was INR 2,879.68 million compared to INR 2,144.78 million a year ago. Net income was INR 72.75 million compared to INR 82.41 million a year ago. Basic earnings per share from continuing operations was INR 4.12 compared to INR 4.66 a year ago. Diluted earnings per share from continuing operations was INR 4.12 compared to INR 4.66 a year ago.
Lagnam Spintex Limited is an India-based company that manufactures cotton yarn. The Company is engaged in manufacturing of ring and open-end (OE) yarn for the domestic and export market ranging from count Ne 4 to Ne 40, which are used in denim, terry towels, bottom wears, home textiles and industrial fabrics. Its products include Yarn spun on perforated tubes / Soft package for direct Dyeing (ring and OE); low twist, high RKM OE yarn; low twist yarn in OE; Cotton Open End yarn from NE 6 to NE 24; Compact Slub yarn; Cotton Ring Spun Combed Yarns from Ne 20 to Ne 40; cotton Compact Ring Spun Combed Yarns from Ne 20 to Ne 40, and others. It produces 100% cotton yarns for both knitting and weaving, which are used for multiple applications, such as denim, terry towel, knitting, shirting, sheeting, sweaters, socks, weaving, bottom wear, home textile, industrial fabric and others. It exports cotton yarns to countries, such as Portugal, Italy, Germany, Turkey, Egypt, Belgium and others.