MD of Mandhana pleased with overall financial performance
02 Feb '11
2 min read
India's leading manufacturer of multidivisional textile & garment maker, Mandhana Industries Ltd, reported its quarterly profit & revenue numbers with a 13.74% rise in revenue and a massive 88.60% jump in the net profit for the quarter ended December 31st, 2010.
While the company saw its net profit touching Rs. 19.90 cr for 3rd Quarter, which is a Rs. 9.28 cr rise over the corresponding period last year, its net sales increased by nearly 13.74 percent to Rs. 215.09 cr in the reporting quarter.
The Managing Director, Mr. Manish Mandhana, Mandhana Industries Ltd. commenting on the performance said, “We are pleased with the overall financial performance for this quarter and hope that the investors are also satisfied with the growth rate maintained by the Company even amidst pressure on the margins due to soaring raw material prices. With the new weaving and garmenting capacities becoming operational in the ensuing period and also with our retail plans kicking off in the next fiscal year, we are confident of scaling further growth in sales and profitability.”
Commenting on the rise in yarn prices on the global front, Mr. Mitesh Shah - Vice President, Finance & Corporate Affairs, Mandhana Industries Ltd. feels “The yarn prices continue to be northbound consecutively for previous four quarters thereby posing a severe threat to the sustainability of our existing operating margins. However with our cutting edge in designing coupled with wide product offerings both in fabrics and garments, we have been able to achieve higher sales realisations thereby neutralising to a greater extent the impact of increase in costs. We have also evolved a better mechanism to systematically hedge our foreign currency exposures and have been successful in managing the volatility in foreign exchange rates to our advantage.“