Filatex Fashions Ltd., a renowned Hyderabad-based manufacturer of socks and cotton products, has announced a major achievement through its mining subsidiary, Filatex Mines and Minerals Private Ltd. The subsidiary has secured an export order worth $35 million (approximately Rs. 293 crore) for the supply of 297,388 metric tonnes of white marble. This substantial order has been placed by Bloomflora Ventures Limited, a company specializing in hospital development, for their upcoming 54 hospitals in Africa. This marks the first export order for Filatex’s mining subsidiary and is set to be fulfilled over a period of seven years.
Significant Corporate Developments and Stock Split Approval
At an extraordinary general meeting held on July 15, 2024, Filatex Fashions Limited approved a significant 5-for-1 stock split to enhance liquidity in the capital market and broaden the shareholder base. Following shareholder approval, the authorized share capital of the company is now Rs. 850 crore, divided into 850 crore equity shares of Rs. 1 each. The board had earlier approved this subdivision of shares at a meeting held on June 7, 2024, and fixed August 9, 2024, as the record date for the stock split.
Filatex Fashions Ltd.: A Legacy of Excellence in Socks Manufacturing
Established in 1995, Filatex Fashions Ltd. has carved a niche in the socks manufacturing and cotton products sector. The company operates 25 state-of-the-art socks-knitting machines equipped with the latest finishing and setting technology, including infrared technology used for the first time in India. With its manufacturing plants located in Hyderabad, Telangana, Filatex Fashions caters to both private label services and its branded label, serving esteemed clients such as FILA, Sergio Tacchini, Adidas, Walt Disney, and other top fashion brands.
Strategic Expansion Plans: New Subsidiaries and Corporate Office
Filatex Fashions Ltd. is on a growth trajectory, with the board approving the establishment of a wholly owned subsidiary for the export of textile garments and fabrics in Delhi. This strategic move is aimed at leveraging Delhi’s position as a hub for ready-made goods, facilitating easier access to overseas markets. Additionally, the company is setting up a Corporate Office in Mumbai to support business expansion. The board plans to appoint senior managerial personnel, including a CEO and a head of compliance, to ensure smooth business operations in global markets.
Advanced Manufacturing Capabilities and Future Growth
The company’s cutting-edge manufacturing unit in Hyderabad spans over four acres and boasts ultra-modern machinery from Korea and Italy, along with in-house R&D facilities. Currently capable of producing 8.64 million pairs of socks annually, Filatex Fashions plans to ramp up production capacity to 14 million pairs per year to meet growing demand. This state-of-the-art plant underscores the company’s commitment to innovation and quality in the textile industry.
Financial Performance and Future Outlook
For the financial year 2023-2024, Filatex Fashion Limited reported a net profit of Rs. 8.95 crore and a total income of Rs. 179.02 crore. In the fourth quarter of FY 2024, the company achieved a net profit of Rs. 2.56 crore and a total income of Rs. 69.59 crore. These strong financial results reflect the company’s strong market position and its ability to continue growing and expanding in both domestic and international markets.
Filatex Fashions Ltd. continues to demonstrate excellence in manufacturing, strategic growth initiatives, and sound financial performance, positioning itself as a formidable player in the global textile and mining sectors.
Disclaimer
The information provided in this article is for general informational purposes only and is based on publicly available information and sources believed to be reliable. Filatex Fashions Ltd.’s financial and business performance is subject to various risks and uncertainties, which could cause actual results to differ materially from those anticipated. The company assumes no obligation to update any forward-looking statements contained herein, except as required under applicable law. Readers are advised to conduct their own research and consult with financial professionals before making any investment decisions
