Vardhman Textiles Dec quarter profit doubles to Rs 175 cr

Leading textile major Vardhman Textiles today said net profit saw a 109 per cent jump to Rs 175.24 crore for quarter ended December 31 on the back of rising yarn exports to China and cheaper input costs.
The company had reported a net profit of Rs 83.62 crore in corresponding quarter of last fiscal.
Net sales of the company for the third quarter of the ongoing fiscal stood at Rs 1,415.98 crore, up 30.72 per cent over revenue clocked in corresponding period.
"There has been a spurt in the margins over the corresponding quarter of last year essentially due to favourable conditions both in respect of availability of raw material at reasonable cost and the pull in the demand of yarn owing to the big rise of export of yarn to China from India," said a company statement.

An additional 28,800 spindles and 110 looms became operational at Vardhman Fabrics, Budhni during the quarter ended December, 2013, it added.