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    Home » Small textile stocks set record date for share buybacks, premium rises 33%
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    Small textile stocks set record date for share buybacks, premium rises 33%

    paydayloansallonline_110na0By paydayloansallonline_110na0January 28, 2023No Comments3 Mins Read
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    with a market rating of ¥941.53 Cr, Sportking India Ltd. is a small cap company operating in the consumer goods industry. The business is India’s premier highly integrated textile conglomerate with retail, yarn, fabric and garment operations and an export presence in over 30 other countries.

    The company said in a stock exchange filing today: -Back of Securities) Regulations, 2018, the Board of Directors meeting held on 28 January 2023 fixed Friday 10 February 2023 as the record date for determining the rights and names of shareholders. shall be eligible to participate in the proposed offer to repurchase 5,80,000 fully paid-up shares. ¥Each of our 10 for the price of ¥$950 per share. ”

    Sportking India Ltd also reported earnings today ¥513 Cr in Q3 2023 ¥587 Cr in Q3 2022, ¥552 Cr in Q2 FY2023.The company’s EBITDA is ¥Compared to 40 Cr in Q3 FY2023 ¥163 Cr in Q3 2022, ¥49 Cr in Q2 FY2023. The EBITDA margin reached 8% in Q3 FY23 compared to 28% in Q3 FY22 and 9% in Q2 FY23.The company posted a net profit ¥18 Cr for the quarter ended December 2022 or Q3 2023 ¥116 Cr for the quarter ended December 2021 or the third quarter of 2022 and ¥0.01 Cr for the quarter ending September 2022 or Q2 2023.

    The company said: Compact yarn is on schedule and is expected to be commissioned by the fourth quarter of FY23. ”

    Commenting on the results, Chairman and Managing Director Monish Abasti said: In addition to the successful Phase 1 capacity addition in the second quarter, the Board approved the installation of another rooftop solar project for his 15MW plant for self-consumption. This helps reduce power costs. Raw material costs have softened in the quarter and other input costs have also been revised from high levels, but we have yet to see sufficient rationalization. We are closely monitoring these pressures. Overall, domestic textile mills have improved capacity compared to the previous quarter and are expected to continue to perform at higher capacity going forward. Some softness in domestic cotton prices and lower inventories at Western retailers should stabilize demand in the textile and apparel industry. ”

    “Despite challenges, I am pleased to report that the team at Sportking delivered revenue growth of 7.1% on a 9 million year basis. The improved macro environment will become more favorable as we move forward throughout the year. The textile sector will see many positive developments in the coming quarters and years as the West needs to reduce its dependence on China, with government support in the form of various schemes and FTAs. We will continue to focus on our growth objectives and seize the immense opportunities that this sector offers both in India and abroad.”

    Stocks of Sportking India closed at the NSE on Friday. ¥709.45 level, down 0.11% from the previous close ¥710.20. Buyback per share at current market price. ¥The company’s 950 reflects an upside premium of 33.90%.


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