Vardhman Net Soar 37.2% Due To Lower Expenses

VardhmanConsolidated net profit at Vardhman Textiles Ltd soared 37.27 per cent year over year in the three months to June 30, 2015 because of lower expenses.

In a BSE filing, the company said its net profit surged 37.27 per cent from a fiscal ago quarter to reach Rs 145.57 crore for the first quarter of fiscal 2016.

For the same quarter of the previous fiscal, the company had reported a net profit of Rs 106.04 crore.

Net sales in the reporting quarter stood at Rs 1,640.77 crore, down 2.26 per cent as against Rs 1,678.74 crore in the first quarter of the previous fiscal.

Overall expenditure in the quarter under review amounted to Rs 1,399.73 crore, declining by 6.95 per cent from Rs 1,504.4 crore, it reported in the prior fiscal first quarter.

Vardhman, a popular textile group in the country, was set up in 1962 by the Oswal family with 6,000 spindles. It has now 1.1 million spindles and a capacity to manufacture over 580 MT of yarn per day.

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