Filatex Fashions Ltd’s mining subsidiary secures total Export Orders worth Rs. 661 crore

Filatex Mines and Minerals Pvt Ltd, subsidiary of Hyderabad based leading socks and cotton products manufacturing company Filatex Fashions Ltd has received total export orders worth Rs. 661 crore in a month’s time.  On August 29, 2024 Filatex Mines and Minerals Private Ltd announced that it has received order from Republic of Guinea based company, Société DIMO - BTP SARL for supply of 1,59,000 tonnes of marble polished tiles for over a period of 5 years which is estimated to be USD 43,875,000 (Rs 368 crore). SDBS is a distributor of granite and marble with a dealer network of over 5000 in 14 African countries.

This is the second export order for company’s mining subsidiary. Earlier on 26 July, 2024 the company received the order for supply of 2,97,388 metric tonnes of white marble worth USD 35 million (Rs. 293 crore) over a period of 7 years. As on 29 August 2024, company’s market capitalization stands at Rs. 966.75 crore. 

Board of Directors of Filatex Fashions Ltd at its meeting held on 26 July 2024 has approved the appointment of Mr. Sunil Agarwal as an Additional Director and CEO of the Company in the Executive Director category. The appointment is subject to the approval of the shareholders in the ensuing Annual General Meeting.

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. Authorized 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. 

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. 

For Q1FY25, net profit of the company was reported at Rs. 1.73 crore and total income of Rs. 24.22 crore. During FY23-24, company posted net profit of Rs. 8.95 crore, total income of Rs. 179.02 crore.