, India based textile company, posted double digit growth of 11 per cent in the third quarter (Q3) FY20. The revenue increased to ?1,869 crore (Q3 FY19: ?1,680 crore) for the quarter that ended on December 31, 2019. The growth was driven by the garment revenues which were 23 per cent higher and AMD (Advanced Materials Division) by 16 per cent.
The recent withdrawal of Merchandise Exports from India Scheme (MEIS)
incentives effective March 2019 is reported to have impacted the revenues for Q3 by 34 crore. Net profit slipped 11 per cent to ?36 crore for the quarter.
The sales of textiles improved to ?1,558 crore. Sales of advanced material increased to ?184 crore.
The company expects 9-10 per cent overall growth for FY20.
Fibre2Fashion News Desk (JL)