Subsidiary of Hyderabad based leading socks and cotton products manufacturing company of Filatex Fashions Ltd. has received export order worth USD 35 million for supply of 2,97,388 metric tonnes of White Marble. Company’s subsidiary in the mining business, Filatex Mines and Minerals Private Ltd has received this order from Bloomflora Ventures Limited, a company is into Hospital Development Business for their upcoming 54 hospital in Africa. The order for supply White Marble order over a period of 7 years is estimated to be Rs. 293 crore. It is the first export order for company’s mining subsidiary.
Company in it’s the Extra Ordinary General Meeting held on 15 July 2024 approved the 5-for-1 stock split. Authorised share capital of the company of the company further to the approval of the shareholders in EGM stands at Rs. 850 crore divided into 850 crore equity shares of Rs. 1 each.
To enhance the liquidity in the capital market and widen shareholder base, the company in the board meeting held on 7 June 2024 approved 1:5 (5-for-1) stock split. Company approved sub-division of existing 1 Equity Share of face value of Rs. 5 each fully paid up into 5 Equity Shares of Rs. 1 each fully paid up. Record date for the purpose of stock split is fixed as 9 August 2024.
Incorporated in 1995, Filatex Fashions Ltd specializes in socks manufacturing and cotton products with 25 socks-knitting machines with the latest finishing and setting machines, using infrared technology for the first time in India. Filatex Fashions has gained rich experience in the European and Indian market. With manufacturing plants located in Hyderabad, Telangana, the company offers private label services and the option to use its branded label for socks. Company’s clients include renowned brands like FILA, Sergio Tacchini, Adidas, Walt Disney and many other top labels of the fashion world.
Company board in the meeting held on 6 July has approved to set up a wholly owned subsidiary for export of textile garments and fabrics in Delhi reason being Delhi is a source for readymade goods which can be easily supplied to overseas market. Additionally, board also approved proposal to set up a Corporate Office in Mumbai for business expansion and planning to appoint senior managerial personnel like CEO, head of compliance etc. which will help the company in its smooth business expansion in global markets.
Company has a State of art manufacturing unit located at Hyderabad having ultra-modern, latest machinery from Korea and Italy with In-house R&D facilities, is on Growth path with various new orders from Leading Brands. Company has a modern state-of-the-art plant spread over 4 acres capable of producing 8.64 million pairs of socks per annum. The company further plans to ramp up production capacity upto 14 million pairs of socks per annum.
For FY23-24, company posted net profit of Rs. 8.95 crore, total income of Rs. 179.02 crore. During Q4FY24, net profit of the company was reported at Rs. 2.56 crore and total income of Rs. 69.59 crore.
