TT’s profit increases 118 percent in first half of this fiscal

Riding on a weak rupee, new capacities and good overseas

demand, TT’s half yearly results has risen over last year. While net profit zoomed by 118 percent, its sales increased by 55 percent. The turnover for the first half stood at Rs 351.44 crores and the PAT was Rs 6.51 crore. The EPS was Rs 3.03 (annualized Rs 6.06). The Q2 turnover was at Rs 208.18 crores and PAT was Rs 4.34 crore.

Commenting on the results, Managing Director Sanjay K Jain said, “Normally, the first half of the year isn’t very good as cotton prices are higher due to end season and demand is slow from overseas. However, this year the weak rupee and strong yarn demand from China has helped the company show strong growth in sales and profits. Our new spinning project in Rajula, Gujarat has also started its full commercial production and in the next quarter, it is expected to contribute handsomely in terms of both profit and turnover.”

This year overall consumer demand has been slow in the country. However, despite, this the value added garments segment of the business has done well, showing more than 20 percent increase due to the strong product and brand leveraging of the company. The good monsoon and expected chilly winter is expected to boost consumer demand, and the company expects to further benefit in the remaining part of the year. Exports of garments are also gaining momentum and are expected to contribute to the bottomline in the coming months.