 "Polyester yarn image via Shutterstock.")
Polyester yarn manufacturer Sybly Industries Ltd posted 48 per cent increase in its sales at Rs 23.94 crore for the quarter ended September 30, 2016 as compared to Rs 16.13 crore reported in the corresponding period last year. During the June quarter, however, the company's income stood at Rs 23.19 crore.
Net profit of the company, however, more than doubled to Rs 2.07 crore for the September quarter 2016 as against a net loss of Rs 0.27 crore for the same quarter last year.
The turnaround in the company can be attributed to a sharp decline in the value of its raw material consumption. As against Rs 4.79 crore worth of raw material consumed during the September quarter last year, Sybly Industries reported raw material consumption worth Rs 3.42 crore in the same quarter this year.
The company is engaged into manufacture of polyester yarn and embroidery thread at its ultra modern, state-of-art manufacturing unit at Gaziabad reported growth in its net profit because of a turnaround in its recycled yarn division. Sybly has initiated demerger process for unlocking its value.
The company plans to increase its polyester yarn manufacturing capacity to 20,000 spindles from its current capacity of 10,000 spindles by getting yarn from running mills on job work basis and is in talks with three manufacturers based in Punjab, Haryana & Uttar Pradesh to manufacture 100 per cent resulting into huge increase in its profitability from its polyester yarn using recycled fiber.
"We are looking at huge growth with commencement of its ventures in Turkey and USA have served us well and we plan to have strategic tie-ups over the next two years to achieve this target", said Mahesh Mittal, Chief Executive Officer, Sybly Industries.
Recently, Sybly has expanded modernised & diversified its manufacturing facility. The company manufactures a range of high quality polyester yarn using superior technology in a range of 6 - 60 counts. It has also successfully ventured into retail thread market with its branded products 'Dagger' & 'Sybdura Poly' which helped to post excellent profits.
