{"id":12090,"date":"2022-03-22T14:57:36","date_gmt":"2022-03-22T14:57:36","guid":{"rendered":"https:\/\/latestgoldnews.com\/index.php\/2022\/03\/22\/pioneer-embroideries-aims-%e2%82%b9-400-cr-top-line-growth-by-fy24-report\/"},"modified":"2022-03-22T14:57:36","modified_gmt":"2022-03-22T14:57:36","slug":"pioneer-embroideries-aims-%e2%82%b9-400-cr-top-line-growth-by-fy24-report","status":"publish","type":"post","link":"https:\/\/latestgoldnews.com\/index.php\/2022\/03\/22\/pioneer-embroideries-aims-%e2%82%b9-400-cr-top-line-growth-by-fy24-report\/","title":{"rendered":"Pioneer Embroideries aims \u20b9 400 cr top-line growth by FY24: Report"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>2 Minute, 49 Second <\/div>\n<\/p><\/div>\n
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Mumbai (Maharashtra) [India], March 22:<\/strong>\u00a0Pioneer Embroideries Ltd (PEL), one of India’s leading manufacturers and exporter of value-added speciality polyester filament yarn (SPFY) and embroidery & laces, can cross turnover of \u20b9 414 crores by FY 24 from \u20b9 226 crores in FY22, according to a research report by ProfitMart Securities.<\/p>\n

The report said that on the bottom line level, we expect the company to record a PAT of \u20b9 13 crores in FY22, which is expected to bounce back to \u20b9 16 crores in FY23 and \u20b9 21 crores in FY24. Thus on a conservative basis, PEL should record an EPS of \u20b9 5 for FY22.<\/p>\n

The company management is confident of improving EBIDTA margins via operational efficiency and a better product mix. Looking at PEL’s steady financial track record, strong product domain and strong promoters, we expect the stock to get re-rated in future.<\/p>\n

“We believe that the PEL stock should be purchased at the current price for a price target of around \u20b9 75 over the next 12-18 months,” the report said.<\/p>\n

The share is quoting at \u20b9 50.10 on the NSE.<\/p>\n

PEL has its manufacturing facility for SPFY at Himachal Pradesh & runs three embroidery & laces manufacturing facilities at Gujarat, Dadra & Nagar Haveli & Tamil Nadu. PEL owns two strong brands, “SILKOLITE” in the SPFY segment & “HAKOBA”, a heritage brand, in the retail segment for embroidered fabrics, garments, salwar kameez dupatta (SKDs) and sarees.<\/p>\n

SPFY is widely accepted for many applications such as carpets, bath mats, upholstery fabrics, apparel, curtains, medical textile (Anti-Microbial), furnishings, narrow fabrics, knitting, labels etc. PEL also has exposure to technical textiles like flame retardants yarns, recycled yarns, anti-microbial yarns, UV stabilised yarns and other fancy yarns capable of replacing natural fibres like cotton, viscose and wool.<\/p>\n

SPFY contributes around 90 per cent of the top line of the company, and where the company expects demand to grow significantly over the next 2-3 years.<\/p>\n

To capitalise on the growth potential of the SPFY segment, PEL has chalked out aggressive Capex plans ahead.<\/p>\n

PEL had earlier announced a Capex program of \u20b9 58 crores for increasing the SPFY capacity by 8,000 tpa, which will be fully operational from Q4FY23. The funding for this Capex will come from internal accruals to the tune of \u20b9 18 crores, rupee term loans of \u20b9 25 crores and FCTL\/ equipment finance of \u20b9 15 crores.<\/p>\n

As per the company, it has already placed the order for major equipment with a Germany-based manufacturer of quality textile extrusion equipment, along with advance payments, which would enable it to secure delivery by Q3 FY 2022-23.<\/p>\n

Recently, the demand for garments with embroidery is more than that with prints in ladies and girls’ apparel. Embroidery is favoured over the prints because of its eco-friendly characteristics. Home furnishing products like bedsheets, tapestry, bed linen, kitchen linen etc., are also more demanded with various traditional embroideries.<\/p>\n

The market size of the Indian embroidery is slated to be approximately \u20b9 800-900 crore per annum, and the embroidery market of India is increasing at 20 per cent per annum, the report said.<\/p>\n

Textile exports are also another area offering good growth prospects and robust export demand from the US, aiding textile sector growth along with the Government support to the textile industry with buoyant policies.<\/p>\n

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\n RNT Reporter <\/a>
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Read Time:2 Minute, 49 Second Mumbai (Maharashtra) [India], March 22:\u00a0Pioneer Embroideries Ltd (PEL), one of India’s leading manufacturers<\/p>\n","protected":false},"author":1,"featured_media":12091,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[54],"class_list":["post-12090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business"],"_links":{"self":[{"href":"https:\/\/latestgoldnews.com\/index.php\/wp-json\/wp\/v2\/posts\/12090","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/latestgoldnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/latestgoldnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/latestgoldnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/latestgoldnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=12090"}],"version-history":[{"count":0,"href":"https:\/\/latestgoldnews.com\/index.php\/wp-json\/wp\/v2\/posts\/12090\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/latestgoldnews.com\/index.php\/wp-json\/wp\/v2\/media\/12091"}],"wp:attachment":[{"href":"https:\/\/latestgoldnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=12090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/latestgoldnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=12090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/latestgoldnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=12090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}