SVP Global Ventures posts net profit of Rs 40.8cr in Q2FY22

SVP Global Ventures, an Indian cotton yarn manufacturer, has reported a net profit of INR 40.85 crores for the second quarter of the fiscal year 2022 (Q2FY22), an 280% year-over-year (YoY) growth compared to a net profit of INR 10.75 crores in Q2FY21

According to the textiles company, its Q2FY22 income from operations was INR 405.74 crores, a YoY growth of 9%.

The earnings per share (EPS) of SVP Global Ventures for Q2FY22 was INR 3.23 per share.

During the reported quarter, the company’s subsidiary — SV Pittie Sohar Textiles (FZC) had started commercial operations in mid-August 2021 at its mega textile plant at Sohar Free Trade Zone in Oman.

SVP Global Ventures had invested $150 million in establishing a 1.5 lakh spindles and 3,500 rotors facility.

OP Gulia — CEO of SVP Global Ventures said: “Company’s performance during the quarter has been quite remarkable across all segments on the back of improving volumes, strong order book and innovative products. Expansion at Oman 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 i.e Compact cotton are likely to drive profitability, contribute to the growth of the company and enhance value for our stakeholders.”

With a goal to become a fully integrated textile manufacturer, SVP Global Ventures is entering into technical textiles through an investment of nearly INR 100 crores in a 4,375 MT per annum green-field plant in Jhalawar, Rajasthan.

The cotton yarn manufacturer will look to manufacture protective uniforms, medical textile, functional garments, hometech, mobiltech, anti-odour, and antibacterial knitted fabric for sports, cosmetic, and medical uses at the new plant.

SVP Global Ventures is targeting to begin commercial production at the facility in 12-15 months.