North India Statesman
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Exita Cotton Limited: Axiata Cotton Limited, one of India's leading producers and exporters of international quality cotton bales, cotton seed and cotton yarn, has announced the issue of bonus equity shares in the ratio of 1:3 (i.e. for every 3 fully paid-up equity shares) of (1) Bonus Equity Shares, subject to approval of shareholders.
The company also announced its financial results for the first quarter ended June 30, 2024. For the first quarter of FY 2025, the company reported a net profit of Rs. 3.54 crores while the profit before tax was Rs. 4.96 crores. The company's total revenue in the first quarter of FY 2025 was Rs. 154.96 crores and EBITDA was Rs. 5.73 crores.
Commenting on the company's performance in the first quarter, Nitinbhai Patel, Chairman and Managing Director, Axiata Cotton Limited, said, “We are happy to report strong quarterly results despite challenging industry conditions and global slowdown. The Central Government is making every effort to access new markets. The Indian textile industry is one of the key industries in the country and the Government continues to promote the industry through its policies and initiatives to make it globally competitive and increase its global share.
For the year ended March 31, 2024, Axiata Cotton Limited reported a net profit of Rs 20.33 crore, profit before tax of Rs 27.30 crore and total revenue of Rs. 1,104.38 crore.
Exita Cotton's manufacturing facility is strategically located at Kadi in Mehsana district of Gujarat. With this ideal location, the company enjoys proximity to the rich cotton producing areas of Saurashtra and other parts of Gujarat, helping it to procure the best raw materials and ensure high quality in its products.
The organic cotton industry is growing rapidly as consumers become more aware of the environmental and social impacts of conventional cotton production. The global market for organic cotton was worth $1.3 billion in 2020 and is expected to grow to $2.5 billion by 2025.
India has emerged as the world's fastest-growing major economy and is projected to become one of the top economic powers in the next decade due to its strong democracy and robust partnerships.
