NEW DELHI: Cotton yarn maker SVP Global Ventures has reported a consolidated net profit of Rs 39.18 crore for the quarter ended June. The company had posted a net loss of Rs 57.44 crore in the year-ago period.
Income from operations rose to Rs 384.79 crore in the first quarter of this fiscal, from Rs 91.82 crore in the corresponding period of the previous year, according to a regulatory filing.
"The company has been on a growth trajectory over the quarter and the current financial performance has shown steady growth," SVP group CEO O P Gulia said in a statement. Established in 1898, by Shri Vallabh Pittie Group, Mumbai-based SVP Global Ventures Ltd is primarily engaged in the business of manufacturing 100 per cent Combed Compact Cotton and blended yarn across its various manufacturing facilities.Combed cotton is a softer version of regular cotton.
The company exports yarn to leading textile manufacturing countries, Vietnam, Bangladesh, China, Pakistan, Turkey and Portugal. In the last fiscal year, the company posted a net profit of Rs 24.85 crore over a total income of Rs 1,422.4 crore.