Filatex India soars by 7.5% on the back of 20 years patent grant
Filatex India Ltd receive the Certificate for grant of a patent on September 12 for an invention entitled- A PROCESS FOR RECYCLING OF POLYETHYLENE TEREPHTHALATE (PET) WASTE for 20 years with effect from June 21, 2021, following the provisions of the Patents Act,1970.
Filatex India Limited, incorporated in 1990, is one of India's largest and integrated Polyester Filament Yarn manufacturers. With an annual production capacity of over 400,000 tonnes, the company is a trusted brand in the country, offering a diverse range of products such as POY, FDY, DTY, and ATY. Headquartered in Delhi, the Company has a significant national and international footprint.
The company delivered a strong performance in FY22 with revenue of Rs 3828 crore compared to Rs 2227 crore in FY21, growing by 72%. EBITDA for the year stood at Rs 531 crore growing by 53% while PAT came in at Rs 302.7 crore with a growth of 82% YoY.
The leading manufacturers of Polyester Filament Yarn have undertaken extensive research and set up a pilot plant with a capacity of 1.5 tonnes/day which was commissioned in July 2022 to develop a scalable way to recycle polyester yarn and fabric waste.
On September 14, the shares of Filatex opened at Rs 107.05 defying the gravity on the back of the patent grant and quickly rose to the levels of Rs 113.80 soaring 7.5% amid weak market sentiment. 52-week high and low of the stock were logged at Rs 142.80 and Rs 72.35, respectively.
YTD the stock has registered a gain of 12.87%, compared to the frontline index Sensex’s price returns of 1.61%. During the same period, the BSE Smallcap index returned a minuscule 0.19%.
At 12.15, the shares of Filatex are quoting at Rs 109.85 with a gain of 3.73% over its previous close.
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