Vishal Fabrics Q2 net profit rises 697 percent to Rs 20 crore
Leading denim manufacturer Vishal Fabrics Limited witnessed a 697 percent rise in its net profit to Rs 20 crore ($2.7 million) for the second quarter ended September 2021, as against Rs 2 crore it reported in the year-ago period.
The company’s revenue for the quarter rose by 82 percent to Rs 400 crore, as against Rs 220 crore it reported in the corresponding period of the previous fiscal year.
Commenting on the results, Brijmohan Chiripal, managing director and CEO of Vishal Fabrics, in a statement said: “We have emerged stronger by achieving higher revenue and improving our balance sheet position. The revenue growth was mainly on the back of increase in sales volumes while maintaining realizations with previous quarter level. The company has taken various cost efficiency measures in all areas of expenses during this quarter which helped to sustain EBITDA margin.”
“The company remains strong and resilient in terms of having sufficient liquidity, stability, profitability that shall enable to create the right environment to ensure sustainability and to support growth opportunities on a longer-term basis,” he added.
The Ahmedabad-based Vishal Fabrics Limited (VFL) is a flagship company of the Chiripal Group. The company does business with various brands such as Jack & Jones, Flipkart, Myntra, Aditya Birla Group, Pantaloons, and Lifestyle, among others.
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