Vishal Fabrics Q3 net profit declines 38 percent to Rs 12 crore
Denim maker Vishal Fabrics Ltd reported a 38 percent decline in net profit to Rs 12 crore ($1.5 million) for the third quarter ended December 2022, as against a net profit of Rs 19 crore in the year-ago period.
The company’s revenue for the quarter was down by 10 percent to Rs 385 crore, as against Rs 427 crore reported in the corresponding period of the previous fiscal year.
Despite the drop in numbers, Vishal Fabrics said that it is confident about the long-term growth prospects for the Indian textile sector as well its capacity to raise utilization levels and get back the revenue at normalcy.
Vishal Fabrics has set a target of Rs 2,000 crore top-line by the fiscal year 2024 and aims to achieve it through expansion in the domestic market coupled with exports in existing and new markets.
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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