TT Ltd raises its turnover by 37.56% post restructuring exercise
Shalini | Myequity news service | Date : 08-08-2018 22:55:00 IST
TT Ltd, a Manufacturer and exporter of cotton Yarn, in its Board Meeting on August 8th, 2018 in New Delhi declared its June 2018 quarterending results. It posted a turnover of Rs 172.38 crores and PAT of Rs. 0.94 crorcs. This markedan increase in turnover by 37.56% over Q1 2017 and the net profit turned decisively positive froma negative one last year.
Sanjay K Jain, Managing Director, attributed this turnaround to multiple factors i.e. GST & demonetisation negative impact finishing, business shift to organised sector post GST, Rupeedepreciation, shift of focus from spinning to branded garments.He said the real impact of therestructuring exercise of the Company will only start being visible from Q3 of 2018—19 once thenew garment factories start full fledged production in Gajroula and Avinashi units. He said theKolkata factory would only start next year. He said currently the Company was bearinginfrastructure cost in the transitionary period of shifting from Spinning to Garments.
The Gajroula, UP garment unit was formally inaugurated on July 18th however would take a fewmonths to stabiliselie said the Company's full focus is in its branded Inner and Casual wearportfolio which is slowly starting to see an uptick. He said going forward garment business isexpected to grow by30-40% which will improve its EBITDA margins and would reduce theoverall its risk exposure to the outside environmental and economic changes happening across the globe.
Apart from the TT brand, its new garment brand, HiFlyer is slowing gaining marketacceptance. Further their EBO chain of stores under TT Bazaar is steadily growing and we see atleast a 50% growth there. As per him most GST issues are resolved and organised companies likeTT Ltd are seeing many positives as it gains a competitive advantage over the large unorgantsedsegment. Hence growth is expected to come from both consumption growth and shift ofconsumers to the organised brands The Company is also investing in technology to connect withthe distributional channel and its consumers — this is expected to bring in huge benefits in the daysto come, he said.About TT Limited:
TT Ltd is a Manufacturer and exporter of cotton Yarn, Baby gift set, Handkerchief, Garments, Fabrics, Agrocommodity etc.TT Group's philosophy is based on a firm belief in innovation, quality and service. The head of the group, Dr. Rikhab C. Jain, has planned and driven the growth of TT Group into a remarkable and highly successful concern. Mr. Jain's own visionary ideas have created a large scale yarn manufacturing enterprise, ranking among the top in India. After setting a new bench makers in the garments industry, the group ventured into Mega projects in cotton yarn and raw cotton.
A highly - original and sophisticated approach to ring-spun yarn production and a commitment to invest in latest technology makes TT one of India's most innovative textile company. People have always been the top priority in Mr. Jain's vision. His belief in careful personnel selection and training has been an unshakeable foundation of every thing his company has achieved.