Textile major Mafatlal Industries Ltd reported a 10 percent increase in net profit to Rs 30 crore ($3.5 million) for the first quarter ended June, as against Rs 27 crore in the year-ago quarter.
The company’s revenue for the quarter was down by 23 percent to Rs 452 crore, as against Rs 585 crore in the corresponding quarter of the previous fiscal year.
Commenting on the results, M B Raghunath, CEO of Mafatlal in a statement said, “During the quarter, the institutional sales activities witnessed a slowdown due to adherence to the code of conduct period during the general election. Having said that, we are pleased to report quarter’s result with a healthy set of numbers and exceptional margins.”
“During the quarter, we executed a few of the high-margin contracts and won new orders from various state governments for uniforms as well as non-textile products. Our running orderbook stands at Rs 486 crore, primarily comprising textile and consumer durable products,” he added.
Mafatlal Industries Limited, a flagship company of the Arvind Mafatlal Group has a strong presence in the textile industry with a wide range of products that include suitings, shirts, fabrics, voiles, uniforms, and more.
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