Fiberweb Bags US Orders Worth Rs 257 mln

Company Performance

Fiberweb Bags US Orders Worth Rs 257 mln

Fiberweb India Ltd has received export orders worth Rs 257 million (US$ 3.86 million) from USA, for agricultural, hygiene and laminated products, in the last fortnight. On July 29, 2016, the company informed the Bombay Stock Exchange that the company had received export orders worth Rs 121 million (US$ 1.81 million). And in less than a fortnight, the company received another order of Rs 136 million (US$ 2.05 million), also from a US buyer.

The company manufactures spunbond nonwoven products. For Fiberweb, this is an important development, since the company turned around earlier this year. The company was out of the BIFR last year. The reference to BIFR was due to fluctuation in the exchange rate and international scenario. The company has settled debts of Rs 138.3 crore for Rs 22.77 crore, with cooperation from its creditors. The company has also paid secured and unsecured creditors fully.

The company's profit for the quarter ending March 31, 2016 was Rs 339.48 lakh and for the year ending March 31, 2016, the profit was Rs 710.41 lakh. The bullish trend is expected to continue in the next quarters too.

According to Pravin Sheth, Chairman & Managing Director, Fiberweb India, "With great efforts from our young professional team in India and in our branch office in USA, the company has been able to get these export orders, and in future we hope to get much larger orders. Due to these orders, we will be taking up expansion programme expeditiously."

He further said that USA is a very competitive market and gets its supplies from all over the world including local and international manufacturers. "Our team has been able to procure the orders due to our innovative products. Exporting converted products as against traditional rolled goods, fetches a better price, and bulk orders. So, alongwith our marketing team, our R&D team also needs to be given due credit, for developing the right products for the international market," said Sheth. Fiberweb is now exploring the UK market too.