Manomay Tex India secures $357 bn contract from Tripura government

The Tripura government has awarded a ₹30 billion (approximately $357.58 billion) contract to Manomay Tex India. This landmark deal marks a major milestone in the company’s growth and is part of a strategic joint venture with Vardhman Textiles, one of the industry’s leading textile firms.

The partnership between Manomay Tex India and Vardhman Textiles is expected to create strong synergies, aimed at expanding business operations and enhancing the competitive edge of India's textile sector both domestically and internationally.

The ₹3,000 crore contract is expected to generate numerous job opportunities, boost local manufacturing, and contribute to the overall economic growth of the state, the company said in a press release.

Alongside this major contract, Manomay Tex India has reported financial results for the first quarter of fiscal 2024 (Q1 FY24). The company posted a remarkable 112.18 per cent year-over-year (YoY) increase in profit, despite a 15.85 per cent decline in revenue compared to the previous quarter. On a year-over-year basis, the topline saw a 10.67 per cent growth.

Moreover, the company's operating income surged by 123.43 per cent YoY, reflecting improved operational efficiency and profitability. Earnings per share (EPS) for the first quarter were reported at ₹2.83, marking a 112.39 per cent YoY increase.

Fibre2Fashion News Desk (DP)