The promoter of Filatex India has raised its stake to 65.23 percent from 60.47 percent in Q3. Madhu Sudhan Bhageria, Chairman and Managing Director at Filatex India discussed the rationale behind the stake hike.

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“We don’t have any plans to raise the stake further. This stake hike we have done is because we thought our share price was quite low and the company and the sector are doing well so it is a good time to raise our stakes. So, we raised our stake in the last quarter,” he said.

Raw material prices have been on the rise with the crude prices rising, he said.

“All the price rise could be passed through because there is a very robust demand in the downstream sector,” he shared.

In terms of production levels, he said, “The production has been normal in Q3 and the whole industry has come back after the COVID-19. I think the industry, as a whole, is doing better than pre-COVID levels.”

Industry utilization level was almost 90 percent in Q3, he mentioned.

On working capital situation and debt reduction plans, he said, “We didn’t face much working capital issues. Our suppliers were quite supportive, they had provided credit as and when needed. We do plan to reduce debt by Rs 60 crore this year. however, we are also raising some debt for our power plant.”

For the entire discussion, watch the video

(Edited by : Anshul)

First Published:Jan 6, 2021 11:43 AM IST