Ganesha Eco
This Kanpur based company, earlier known as formerly Ganesh Polytex is engaged in the manufacturing of recycled polyester staple fiber (RPSF) through PET recycling, and dyed yarn, which are used in fiberfill, spinning, automobiles, geo-textiles, medical and packaging, textiles and non-woven applications. The company was in the limelight yesterday after SBI Equity Opportunities Fund series IV, a newly launched fund by SBI MF, stated that it has picked its first stock, Ganesha Ecosphere – it bought 2.8 lakh shares or 1.5% stake at Rs.110.
On the financial front, it was not a great performance for Q2FY16. On a net sales of Rs.159 crore, up 2.5% (YoY), the company posted a net profit of Rs.6 crore, down 14%. EBITDA though was up at Rs.18 crore v/s Rs.16 crore (YoY). Interest and tax outgo pulled down the bottomline. Its H1FY16 net profit is at Rs.11 crore, down 13%. Debt as at 30th Sept’15 stands at Rs.168 crore.
Promoters currently hold 45.35% stake, while MCap India Fund holds 15.52% - this is PE firm floated by former Baring Private Equity India partner Subbu Subramaniam.