SVP Global Ventures, a cotton yarn manufacturer, recorded a consolidated net profit of Rs 39.18 crore for the quarter ended June. In the previous fiscal year, the firm reported a net loss of Rs 57.44 crore.
According to a regulatory filing, income from operations increased to Rs 384.79 crore in the first quarter of this fiscal year, up from Rs 91.82 crore in the same time last year.
“The firm has been on a growth trajectory during the quarter, and the present financial performance has demonstrated consistent growth,” said SVP group CEO O P Gulia in a statement.
SVP Global Ventures Ltd, located in Mumbai, was founded in 1898 by the Shri Vallabh Pittie Group and is principally engaged in the manufacture of 100% Combed Compact Cotton and mixed yarn throughout its many manufacturing sites.
Combed cotton is a softer kind of cotton than normal cotton. The firm distributes yarn to major textile producing nations such as Vietnam, Bangladesh, China, Turkey and Portugal, and Pakistan.