PNN
Ahmedabad (Gujarat) [India], August 12: Axita Cotton Ltd, one of the leading manufacturers of exporters of international quality cotton bales, cotton seeds and cotton yarns in India, has recommended issuance of bonus equity shares in the ratio of 1:3 (i.e., 1 bonus equity share of Re. 1 each for every 3 fully paid-up equity shares as on record date) subject to the approvals from the shareholders.
* Total income in Q1FY25 at Rs. 154.96 crore; EBITDA at Rs. 5.73 crore
* Recommends 1 bonus equity share for every 3 fully paid-up equity share
Company also declared financial results for the first quarter ended on 30 June, 2024. The company has reported a net profit of Rs. 3.54 crore whereas profit before tax was at Rs. 4.96 crore for the Q1FY25. For the first quarter for financial year 2025, the company’s total income stands at Rs. 154.96 crore and EBIDTA at Rs. 5.73 crore.
Commenting on the company performance during the period, Nitinbhai Patel, Chairman and Managing Director, Axita Cotton Ltd said “We are happy to announce strong quarterly results despite challenging industry scenario and global sluggishness. The central government is making all possible efforts towards gaining access to the new markets. Indian Textile industry is one of the key industries of the country and the government through its policies and initiatives continues to give further push to the industry so that it become global competitive and increase its global share.”
For the year ended on 31 March, 2024, Axita Cotton Ltd had reported a net profit of Rs. 20.33 crore, profit before tax at Rs. 27.30 crore and total income of Rs. 1,104.38 crore.
Axita Cotton’s production facility is strategically located at Kadi in Mehsana district of Gujarat. This ideal location places the company in close proximity to the thriving cotton-growing regions of Saurashtra and other parts of Gujarat, enabling it to source the finest raw materials and ensure the utmost 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. In 2020, the global market for organic cotton was valued at $1.3 billion, and it is expected to grow to $2.5 billion by 2025.
India has emerged as the world’s fastest-growing major economy, and it is predicted to be one of the top economic powers in the next decade, owing to its robust democracy and strong partnerships. India is the largest producer of cotton globally. It is a crop that holds significant importance for the Indian economy and the livelihood of the Indian cotton farmers. The industry is sustaining livelihoods to millions of people in rural and semi urban areas by providing them employment directly and indirectly, including a large number of women and rural population. Cotton is one of the most important cash crops and accounts for around 25% of the total global fibre production. The close linkage of textiles industry to agriculture (for raw materials such as cotton) and the ancient culture and traditions of the country in terms of textiles makes it unique in comparison to other industries in the country.
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