The US-based World’s largest fund house ‘FIDELITY’, , has invested in KPR Mills Ltd an Indian textile company headquartered in Coimbatore, Tamil Nadu by acquiring more than 1 percent equity shares of the company.
Established in 1984 KPR is one of the leading vertically integrated textile manufacturing companies in India. The company is involved in various stages of the textile manufacturing process, from yarn production to finished garments.
According to the annual report, the company is spending nearly Rs. 400 crore on modernization and expansion. Its market capitalization is Rs. 24,629 crore. According to company sources it plans to set up a vortex spinning mill at an outlay of Rs. 100 crore to be completed. A modernization plan at an outlay of Rs. 100 crore in the textile segment is also in progress.
In line with the general trends in the Indian textile industry, KPR Mills’ total consolidated revenue grew nominally by only 0.63 percent YoY from Rs. 1604.97 crores in Q1 FY ’23 to Rs. 1615.99 crores in Q1 FY ’24. Posting some revenue under the current global scenario is an achievement as most of the industry posted losses. The net profit of the company declined by 10.52 percent YoY from Rs. 226.69 crores to Rs. 202.84 during the same period.
FIDELITY invests in Indian textile giant KPR Mills Ltd.
