 "Vardhman Textiles rallies on strong Q3 results")
Vardhman Textiles has surged 9% to Rs 784 on the BSE after the company reported 66% year on year (YoY) growth in consolidated net profit at Rs 161 crore for the third quarter ended December 31, 2015 (Q3) due to lower raw material cost. The company engaged in textiles business had registered a net profit of Rs 97 crore in the same quarter last fiscal.
However, net sales grew less than 1% at Rs 1,710 crore against Rs 1,697 crore in previous year quarter, while raw material cost declined by 13% at Rs 737 crore on year-on-year basis.
The company’s earnings before interest, tax, depreciation and amortization (EBITDA) margin stood at 20.4% expanded by 363 basis points (bps) YoY and 100 bps on sequential basis.
The stock hit high of Rs 819 in early morning trade on the BSE. The trading volumes on the counter more than doubled with a combined 297,761 shares changed hands on the BSE and NSE till 10:44 a.m.
However, net sales grew less than 1% at Rs 1,710 crore against Rs 1,697 crore in previous year quarter, while raw material cost declined by 13% at Rs 737 crore on year-on-year basis.
The company’s earnings before interest, tax, depreciation and amortization (EBITDA) margin stood at 20.4% expanded by 363 basis points (bps) YoY and 100 bps on sequential basis.
The stock hit high of Rs 819 in early morning trade on the BSE. The trading volumes on the counter more than doubled with a combined 297,761 shares changed hands on the BSE and NSE till 10:44 a.m.
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