Mittal Lifestyle Ltd
Mittal Lifestyle Ltd

Mittal Lifestyle Ltd posts excellent results for year ended March 2020

ANI | Updated: Jun 04, 2020 12:10 IST

Mumbai (Maharashtra) [India] June 4 (ANI/NewsVoir): NSE listed, Mittal Lifestyle Ltd. have been growing progressively over the years with around 12 per cent - 15 per cent increase in revenue Y-O-Y.
For the year ended March 31st, 2020 is 99.75 crore and profit stand at Rs 1.52 crore which are 10 per cent increase year on year. The company currently manufacturing 25,000 pcs a month will produce 3,00,000 pcs a year plans to touch turnover of 125 crore and profitability approximately 7 crores for the year ended March 2021 as garment manufacturing is a high Profit Industry. It will boost revenues and profitability.
"After catering to fabric distribution for many years, we saw the opportunity to create casual wear brands," said Brijesh Kumar Mittal, CMD.
"The idea then came to register and manufacture casual wear for international brands like GERICHO LONDON & MCALLEN PARIS. Since most Apparel manufacturers are in casual wear the idea was to create something different. Our garments are crafted with ideas like Stain Repellent, Anti Odour & Anti-Bacterial," added Mittal.
"Having a composite denim garment manufacturing unit, comprising of warehousing, manufacturing unit and dispatch department setup at our 33,000 sq feet Bhiwandi premises. Company has set up two manufacturing units which are ultra-modern and have good R&D facilities," added Brijesh.
"Mittal Lifestyle Ltd. is planning for major expansion where our two new manufacturing units will produce new set of 50,000 pcs a month of Garment Apparels. It will include Jeans, Chinos, T shirts & Shirts for both Men & Women. Currently the company markets its product through our brand websites gericholondon.com & mcallenparis.com and other e-commerce websites Amazon, Myntra & Jabong to name a few and soon to launch 4 LFS (Large Format Stores) stores in Mumbai, Delhi, and Ahmedabad & Baroda. Mittal Lifestyle Ltd. also plans to set up 60 MBO's (Multi Brand Outlets in Indore, Nasik, Chandigarh, and Vishakhapatnam and 30 EBO (Exclusive Brand Outlets)," said Brijesh Kumar Mittal, CMD.
"To benefit our shareholders, the company has distributed 5 per cent dividend in the year ended 18-19 and also issued bonus shares in the ratio 2:3 in the year ended 19-20. The issue price of IPO was Rs. 21 which is now above Rs. 100 despite issuing bonus shares, so all in all, Mittal Life Style has highly benefitted its shareholders," said Mittal.
"We further plan to distribute dividend or bonus shares to our shareholders. We shall also be providing a coupon code of 40 per cent discount to our shareholders where they can avail these discounts on the websites for our products. We have exceeded the ROE of our peer's i.e. Indian apparel manufacturing industry by over 30 per cent," he added.
Low debt, high returns on equity and good past performances are fundamental of Mittal's strong business. Quality earnings are high of Mittal Lifestyle Limited. Mittal's earnings have grown significantly by 39.4 per cent per year over the past 5 years.
Mittal's short term assets (Rs 312.4M) exceed its short term liabilities (Rs 181.1M). Mittal's debt to equity ratio (38.2 per cent) is considered good financials.
With boost to the Textile and Garment Industry by the Govt, textile and garment companies including Mittal Life Style Ltd would benefit to a large extent.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article (ANI/NewsVoir)

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