 "Vardhman Textiles declines 10% on weak June quarter results")
Vardhman Textiles has slipped 10% to Rs 438 on National Stock Exchange (NSE) after reporting 27% year-on-year (yoy) drop in its standalone net profit at Rs 106 crore for the quarter ended June 30, 2014 (Q1), due to higher raw material cost. The textiles company had profit of Rs 145 crore in the same quarter previous year.
Net sales of the company grew 18.8% to Rs 1,418 crore on yoy basis. Raw material cost increased by 36% to Rs 751 from Rs 552 crore in the corresponding quarter of last fiscal.
EBITDA or operating margin declined over 400 basis points to 19.6% from 23.8% during the recently concluded quarter.
The stock opened at Rs 459 and touched a high of Rs 465 so far. Till 1000 hours, a combined 116,300 shares already changed hands against an average around 100,000 shares that were traded daily in past two weeks on NSE and BSE.
Net sales of the company grew 18.8% to Rs 1,418 crore on yoy basis. Raw material cost increased by 36% to Rs 751 from Rs 552 crore in the corresponding quarter of last fiscal.
EBITDA or operating margin declined over 400 basis points to 19.6% from 23.8% during the recently concluded quarter.
The stock opened at Rs 459 and touched a high of Rs 465 so far. Till 1000 hours, a combined 116,300 shares already changed hands against an average around 100,000 shares that were traded daily in past two weeks on NSE and BSE.
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