"Filatex Fashions’ Subsidiary Secures ₹293 Crore Export Order"

Filatex Mines and Minerals, a subsidiary of BSE-listed Filatex Fashions, has landed a significant export order worth $35 million (₹293 crore) from Bloomflora Ventures. The order involves supplying 2.97 tonnes of white marble over the next seven years for the construction of 54 hospitals across Africa.

In corporate news, Filatex Fashions has appointed Sunil Agarwal as an Additional Director and CEO. Agarwal brings over a decade of experience in Financial Services, Advisory, Investment Advisory, and Risk Management Consulting, and has served on the boards of several prominent companies.

Last month, the company’s shareholders approved a 5:1 stock split, increasing the authorised share capital to ₹850 crore, divided into 850 crore equity shares of ₹1 each. This move aims to enhance liquidity in the capital market and expand the shareholder base, with the record date set for August 9.

Founded in 1995, Filatex Fashions specializes in manufacturing socks and cotton products. The company operates 25 socks-knitting machines, incorporating the latest finishing and setting technology, including infrared technology, a first in India.

Filatex Fashions serves notable clients such as FILA, Sergio Tacchini, Adidas, and Walt Disney, among other leading fashion brands. The company’s state-of-the-art plant, covering 4 acres, currently produces 8.64 million pairs of socks annually, with plans to increase capacity to 14 million pairs.

For FY24, Filatex Fashions reported a net profit of ₹9 crore on an income of ₹179 crore.

HBL