Vardhman Textiles fell 3% to Rs 327.90 after the company reported 57.1% fall in consolidated net profit to Rs 204.90 crore despite a 3.5% increase in revenue from operations to Rs 2,469.58 crore in Q2 FY23 oer Q2 FY22.
Total expenses rose by 22.6% YoY to Rs 2,235.29 crore during the quarter, due to higher raw material costs (up 31% YoY), higher other expenses (up 9.9% YoY) and higher depreciation charges (up 7.8% YoY).
Profit before tax in Q2 FY23 stood at Rs 275.01 crore, down by 56.9% from Rs 638.33 crore in Q2 FY22.
The Vardhman Group is one of the leading textile groups in India, with operations across the yarn, fabric, sewing threads, fibre, special alloys, and garment sectors.
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