The Company recorded revenue of Rs 343 crore during Q2FY23, as against Rs 400 crore in Q2FY22.
Vishal Fabricsannounced its un-audited standalone financials for the second quarter and half year ended 30thSeptember 2022.
Commenting on the performance, Brijmohan Chiripal, Managing Director, said, “During the quarter, the overall demand scenario remained muted owing to ongoing economic challenges, volatile cotton prices and global inflationary pressures. As a result, our capacity utilisation levels were on the lower side, impacting our margins negatively. We are ready to sail through these challenging times with a comfortable level of debt-equity ratio at 0.98x. Although the short-term headwinds may continue, we remain confident about the long-term growth prospects for the Indian textile sector as well as our capacity to raise utilisation levels and get back the revenues at normalcy.â€
The Company recorded revenue of Rs 343 crore during Q2FY23, as against Rs 400 crore in Q2FY22. Revenue for H1FY23 stood at Rs 786 crore, as against Rs 694 crore in H1FY22.
The decline in revenues is due to muted demand scenario experienced in the overall textile industry this quarter.
EBIDTA for Q2FY23 stood at Rs 31 crore as compared to Rs 42 crore for Q2FY22, a de-growth of 27%. Net profit after tax for Q2FY23 stood at Rs 11 crore as compared to Rs 20 crore for Q2FY22.
Net profit after tax for H1FY23 stood at Rs 30 crore as compared to Rs 30crore for H1FY22.
About Vishal Fabrics
Vishal Fabrics (VFL) is a denim manufacturing and fabric processing unit incorporated in 1985. A part of the renowned Chiripal Group, the Company leverages over 3 decades of experience to provide unmatched products to a diverse clientele. The Company constantly strives to improve its manufacturing facilities and aims to develop India’s leading dyeing, printing, and processing units. Its state-of-the-art manufacturing facilities are equipped with the latest technology and deliver innovative products that adhere to international quality standards. Over the years, the company has managed to emerge as a pioneer in the textile industry, setting new standards of excellence.