Ambika Cotton Mills jumped 9.16% to Rs 1523.90 after the company posted a 615% jump in net profit to Rs 35.84 crore on 89% rise in revenue from operations to Rs 187.53 crore in Q1 FY22 over Q1 FY21.On a sequential basis, net profit increased 23.7% while revenue from operations fell 4.28% in Q1 FY22 over Q4 FY21. Profit before tax grew 23% on a sequential basis and 699% on a year-on-year basis to Rs 48.76 crore in Q1 FY22.
The company said its plants were under temporary shut down from 24 May 2021 to 31May 2021 on account of Tamil Nadu state government directives due to escalation of spread of COVID -19 and partial restoration of operations were permitted from 1 June 2021 to 07 June 2021 with 50% of staff strength impacting the operations to that extent. The company further clarified that uncertainty and supply chain disruption still continues on account of COVID-19.
Ambika Cotton Mills is a manufacturer of cotton yarn. The company's clientele consists of well-reputed manufacturers engaged in manufacturing shirts/knitwear products, both in the domestic and international markets.
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