365Telugu.com online news,Hyderabad, 5 September 2024: Filatex Mines and Minerals Pvt Ltd, a subsidiary of Hyderabad-based leading socks and cotton products manufacturing company Filatex Fashions Ltd (BSE – 532022, NSE – FILATFASH), has received export orders totaling Rs. 661 crore (USD 78.88 million) within a month.
On 29th August 2024, the company announced that its mining subsidiary had secured an order from Guinea-based Société DIMO – BTP SARL (SDBS) for the supply of 1,59,000 tonnes of marble polished tiles over five years. The order is valued at USD 43.88 million (Rs. 368 crore). SDBS, with a distribution network spanning 14 African countries, is a significant player in granite and marble supply.
This is the second major export order for Filatex Mines and Minerals Pvt Ltd. Earlier, on 26th July 2024, the company received an order for the supply of 2,97,388 metric tonnes of white marble, worth USD 35 million (Rs. 293 crore), to be delivered over seven years. As of 29th August 2024, Filatex Fashions Ltd’s market capitalization stands at Rs. 966.75 crore.
In another key development, the Board of Directors of Filatex Fashions Ltd approved the appointment of Mr. Sunil Agarwal as an Additional Director and CEO in the Executive Director category during a board meeting on 26th July 2024. Sunil Agarwal, with over a decade of experience in financial services, advisory, and risk management, has been a board member of several prominent companies. His appointment is subject to shareholder approval at the upcoming Annual General Meeting.
At the Extra Ordinary General Meeting held on 15th July 2024, the shareholders approved a 5-for-1 stock split, enhancing the company’s liquidity in the capital market. The company’s authorized share capital now stands at Rs. 850 crore, divided into 850 crore equity shares of Rs. 1 each. The record date for the stock split was 9th August 2024.
Filatex Fashions Ltd, incorporated in 1995, specializes in manufacturing socks and cotton products. It operates with 25 advanced socks-knitting machines and uses cutting-edge infrared technology in its finishing processes—pioneering in India. The company serves global brands such as FILA, Sergio Tacchini, Adidas, and Walt Disney.
Filatex Fashions recently expanded its stock market presence with its shares listed on the National Stock Exchange (NSE) under the symbol FILATFASH, effective from 6th May 2024. The company has also been listed on the Bombay Stock Exchange (BSE) since 1996, under the scrip code 532022. In March 2024, Mr. Yash Sethia was appointed as the Chief Financial Officer (CFO).
The company plans further expansion, including setting up a wholly-owned subsidiary in Delhi for textile exports, taking advantage of the city’s accessibility to ready-made goods for overseas markets. Additionally, a corporate office in Mumbai will be established for business growth, with plans to hire senior management like the CEO and head of compliance for smooth global market operations.
Filatex’s state-of-the-art manufacturing unit in Hyderabad is equipped with ultra-modern machinery from Korea and Italy and has a production capacity of 8.64 million pairs of socks annually. The company plans to increase this to 14 million pairs per year.
For Q1FY25, Filatex Fashions reported a net profit of Rs. 1.73 crore and total income of Rs. 24.22 crore. In FY23-24, the company recorded a net profit of Rs. 8.95 crore with total income of Rs. 179.02 crore.