India: Vardhman Textiles Q2 net at Rs 1780 mln

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Ludhiana-based Vardhman Textiles Limited, one of the leading textile company in India, recorded highest ever quarterly net profit of Rs 1778.1 mln for the quarter ended 30th September, 2013. The net profit rose 154% as compared to the corresponding quarter last year, when it stood at Rs 699.5 mln. On a sequential basis, net profit increased by 23%. The half yearly profit was Rs 3223.1 mln.

Net sales of the company were Rs 1,2795 mln as compared to Rs 1,0107.4 mln in quarter ended 30th September, 2012, showing an increase of about 27%. The EBITDA on standalone basis was Rs 3465.5 mln for the quarter, showing a growth of 70% over the same period last year. The EBITDA margin was also up at 27% during the quarter as against 20.16% in the corresponding period last year.

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The spurt is margins has been because of the favorable conditions ie availability of raw material at reasonable costs and the pull in the demand of yarn, owing to export of yarn to China from India. However, the management feels that the increase in cotton prices this year as compared to last year and relative lull in demand as of now may not allow the margins to continue at this level.

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On the expansion side, during the quarter ended 30th September, 2013, an additional 62,496 spindles, 960 rotors and 120 looms became operational at various manufacturing units of the Group.

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