Filatex Fashions Ltd’s mining subsidiary, Filatex Mines and Minerals Private Ltd, has received a substantial export order worth USD 35 million (Rs. 293 crore) from Bloomflora Ventures Limited. The order entails supplying 2,97,388 metric tonnes of white marble over seven years for hospital development projects in Africa.The Hyderabad-based company’s Board of Directors recently appointed Mr. Sunil Agarwal as Additional Director and CEO, effective July 26, 2024. Agarwal, an expert in financial services and risk management, brings over a decade of experience to the role.In a bid to enhance market liquidity and broaden its shareholder base, Filatex Fashions Ltd has approved a 5-for-1 stock split, effective August 9, 2024.
The company’s authorized share capital now stands at Rs. 850 crore, divided into 850 crore equity shares of Rs. 1 each.Additionally, the company has announced plans to set up a wholly-owned subsidiary in Delhi to focus on exporting textile garments and fabrics, leveraging Delhi’s robust ready-made goods market. Furthermore, a corporate office will be established in Mumbai to facilitate business expansion and senior managerial appointments. Filatex Fashions Ltd has been listed on the National Stock Exchange (NSE) since May 6, 2024, with shares already listed on the Bombay Stock Exchange since September 1996. The company posted a net profit of Rs. 8.95 crore and a total income of Rs. 179.02 crore for the fiscal year 2023-24.
The expansion of Filatex Fashions Ltd into international markets, backed by substantial export orders and strategic leadership appointments, signals potential growth and investment opportunities. This is especially relevant for markets like Guwahati, where textile and marble industries are integral to economic activities. Enhanced liquidity from the stock split and the establishment of new subsidiaries are likely to positively impact the regional market dynamics. For Q4FY24, the company reported a net profit of Rs. 2.56 crore and a total income of Rs. 69.59 crore, demonstrating robust financial health and growth potential. Filatex Fashions Ltd continues to lead in socks manufacturing and cotton products, catering to top global brands such as FILA, Sergio Tacchini, and Adidas, and is poised for further expansion with its advanced manufacturing capabilities and strategic market moves.