EBITDA for H1 FY23 stood at Rs 222 crore, up 11 per cent.
RSWM, manufacturers and exporters of value-added synthetic, mélange, blended spun yarns, denim fabric, knitted fabric, and green polyester fibres from India, announced its financial results for the Q2 & H1 FY23 ended 30th September 2022.
For H1 FY23, the company recorded total sales of Rs 1,978 crore- up by 16.7%. Export sales recorded Rs 238 crore which dropped by 31% Y-o-Y. EBITDA for H1 FY23 stood at Rs 222 crore, up 11 per cent.
Commenting on the results, Riju Jhunjhunwala, Chairman & Managing Director, and CEO of RSWM said,“The last quarter was one of the most challenging quarters we have witnessed recently due to the macroeconomic business environment. We at RSWM continue to focus on operational excellence and optimize costs at different levels to manage our working capital well and generate cash to support our growth engine.
Currently, we are closely watching the cotton prices which peaked in Q2FY23 and now it’s stabilising on the onset of new crop arrival we expect a further correction in cotton prices. Secondly, Marco’s economic environment such as the issues of high inflation, interest rates increase, and gas prices increase due to the Russia-Ukraine is a cause of concern for demand globally in the short term. But we are utilizing this period to build our customer relationships and ensure smooth functioning.
Our view for the long term in textiles remains favorable. We have been taking all necessary measures to de-risk ourselves from supply chain disruptions and expect to see these efforts bear fruits next fiscal onwards. Due to the current volatile and uncertain environment, we believe that we will not be able to meet our guidance, and it will not be prudent on our part to give any future guidance until the situation becomes stable. All our projects and plans are on track, and I am confident that the current fiscal will be a one-off and not affect our long-term growth strategy and aspirations.â€
About RSWM
RSWM Ltd. produces and supplies high-quality yarns to some of the most renowned brands in India and over 70+ countries abroad. For the last 57 years, the company has been producing high-quality cotton, mélange, synthetic, novelty yarns, and denim fabric used to drape populations around the world. RSWM is one of the largest manufacturers and exporters of synthetic and blended spun yarns from India.
About LNJ Bhilwara
The esteemed journey of the LNJ Bhilwara Group started in 1960, when the Group’s founder, Mr. L. N. Jhunjhunwala established a textile mill in Bhilwara, Rajasthan. The Group has completed more than 50 glorious years and today the single textile mills of 1961 have expanded into several plants; the Group export earnings comprise 50% of its turnover and has strategically diversified over the period. It stands proudly as a multi-products and services conglomerate in textile, graphite electrodes, power generation, IT-enabled services, power engineering consultancy services, Energy storage solutions & Skill development.
LNJ Bhilwara Group is a well-diversified conglomerate and stands as one of India’s largest setups on the corporate horizon. The USD 967 million LNJ Bhilwara Group (www.lnjbhilwara.com), commands 20 production units, is strategically located, markets internationally, and employs over 25,000 employees globally. HEG Ltd. is the group’s flagship company and has the world’s largest single-location graphite electrode manufacturing plant. The group also owns two hydroelectric projects under Bhilwara Energy Ltd.