India : Net profit soars 57.7% at Sutlej Textiles in Q2FY17

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Home / Knowledge / News / Textiles / Net profit soars 57.7% at Sutlej Textiles in Q2FY17

Net profit soars 57.7% at Sutlej Textiles in Q2FY17

09
Nov '16

Courtesy: Sutlej Textile

In the three months to September 30, 2016, net profit at Sutlej Textiles and Industries, a producer of value added dyed yarns and home textiles soared 57.70 per cent to Rs 51.90 crore as against Rs 32.91 crore in the fiscal ago quarter. Net sales rose to Rs 567.38 crore, up 9.57 per cent compared to Rs 517.81 crore in the second quarter of fiscal 2016.

“The second quarter continued to witness challenges due to global slowdown and stressed rural economy, chairman CS Nopany said. “Sutlej was able to offset these strong headwinds by its prudent raw material purchasing policy in a volatile cotton fibre market, by maintaining sufficient cotton inventory at lower prices.”

Sutlej Textiles is also optimistic of the future with normal monsoon, implementation of the seventh pay commission, one rank one pension scheme and other Government initiatives.

The company also said that work on the expansion project for adding 35,280 spindles at Bhawanimandi, Rajasthan at a project cost of Rs 270 crore is progressing satisfactorily. (AR)

Fibre2Fashion News Desk – India

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