Home / Knowledge / News / Textiles / Vardhman Textiles Q3FY15 net plunges 59.5%
Vardhman Textiles Q3FY15 net plunges 59.5%
13
Feb '15
Driven by higher depreciation and amortisation expense, net profit at North Indian textile major, Vardhman Textiles Ltd plunged 59.5 per cent year on year in third fiscal quarter ended December 31, 2014.

For the third quarter of fiscal 2015, Vardhman reported net profit of Rs 70.95 crore as against Rs 175.24 crore in the third quarter of fiscal 2014, down a massive 59.5 per cent.

At the same time, net sales for the reporting quarter grew under 1 per cent at Rs 1,429.11 crore from Rs 1,415.98 crore in corresponding quarter of previous fiscal year.

Total expenses at the textile major drove up 16.42 per cent from a year ago quarter to Rs 1,346.84 crore, driven by 71.5 per cent year on year surge in depreciation and amortisation expense.

Cost of materials consumed also rose 11.95 per cent to Rs 726.79 crore for the quarter under review compared to Rs 649.17 crore in the same quarter of last fiscal year.

Profit before finance cost & exceptional items also fell steeply by 56 per cent to Rs 120.52 crore as against Rs 274.37 crore in the prior fiscal year third quarter.

Vardhman said its profit before tax reached Rs 96.45 crore in the third quarter of fiscal 2015 from Rs 243.24 crore in the corresponding quarter of fiscal 2014.

Tax expense for the reporting quarter also rose by a massive 62.5 per cent to Rs 25.50 crore compared to Rs 68 crore in the earlier fiscal year third quarter.

In production of various products, Vardhman reported production of yarn stood at 49,132 ton in the third quarter of fiscal 2015 as against 42,801 tons in same quarter of last fiscal year.

Similarly, grey fabric output expanded to 43.9 million metres from 38.5 million metres and it processed fabrics totaling to 30.5 million metres compared to 28.3 million metres in the prior year third quarter.

The promoters holding in the company stood at 61.85 per cent, while institutions and non-institutions held 22.18 per cent and 15.97 per cent, respectively. (AR)

Fibre2fashion News Desk - India


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 24th Feb 2020

Myanmar's garment units risk closure due to virus impact

Myanmar's garment factories are facing the risk of shutdown as the...

Pic: Shutterstock

Apparel/Garments | On 24th Feb 2020

GMAC urges EU to restore full EBA rights for Cambodia

Expressing disappointment over the recent European Union (EU)...

Pic: Shutterstock

Apparel/Garments | On 24th Feb 2020

Uzbekistan 3rd biggest garment exporter to Kazakhstan

Uzbekistan exported 10,000 tonnes of apparel to Kazakhstan in 2019,...

Interviews View All

Kamlesh Vaghela, RK Textiles

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Cindy McNaull, Cordura

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Varinder Singh Jawanda, Trendy Bharat

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Ronald Van Den Broek,

Ronald Van Den Broek

Headquartered in Japan, Mimaki Engineering Co. Ltd. manufactures and...

Martina Giorgetti,

Martina Giorgetti

Italy-based Cibitex is a manufacturer of textile finishing machinery,...

Mala Alwani,

Mala Alwani

<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...

Justin Gutierrez, INDA

Justin Gutierrez
INDA

The Association of the Nonwoven Fabrics Industry (INDA) has created a new...

Daniel Odermatt, Ventile

Daniel Odermatt
Ventile

Ventile is a registered trademark used to brand a special high-quality...

Justin Chan & Shyam Gollakota, University of Washington

Justin Chan & Shyam Gollakota
University of Washington

A fabric that can store data without any electronics or batteries has been ...

Robert Brunner, Devereux

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

Igor Chapurin, Chapurin

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search