Vishal Fabrics sees net profit increase 281.4% in FY22
Denim manufacturing business Vishal Fabrics reported a net profit of Rs 19.66 crore for the fourth quarter of the 2022 financial year and a 281.4% year-on-year rise in net profit for the entire 2022 fiscal.
Despite ongoing pandemic challenges in the 2022 financial year, Vishal Fabrics saw a dramatic increase in its net profit due to higher sales and increased margins, the Press Trust of India reported. The business reported net profit of Rs 69 crore for the 2022 financial year which was a 281.4% increase from its net profit of Rs 18.1 crore in the 2021 financial year, Equity Bulls reported.
Vishal Fabrics’ income totalled Rs 1,549.8 crore in the 2022 fiscal which is a 59.9% increase from its income of Rs 969.3 crore the year before. This coming year will see he business further expand its textile manufacturing capacity which is expected to further boost income.
The business also saw quarter-on-quarter growth in the fourth quarter of the 2022 financial year. Income for the fourth quarter totalled Rs 427.5 crore, a 10.1% quarter-on-quarter increase from the third quarter total of Rs 388.1 crore. Net profit also increased by 40.8% from Rs 14.97 crore in the third quarter to Rs 19.7 crore in the fourth quarter.
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