Mafatlal Industries Ltd Q2 net profit declines 5 percent to Rs 20 crore

Mafatlal Industries Ltd, a leading textile player reported a 5 percent drop in net profit to Rs 20 crore ($2.4 million) for the quarter ended September 30, as against Rs 21 crore in the year-ago quarter.

The company’s revenue for the quarter rose by 223 percent to Rs 996 crore, as against Rs 309 crore in the corresponding quarter of the previous fiscal year.

Mafatlal currently has a running order book of around Rs 1,200 crore that includes institutional orders in the textile and consumer durable segment from the governments of Maharashtra, Jharkhand and Tripura.

Commenting on the results, -M B Raghunath, CEO of Mafatlal in a statement said, “We reported satisfactory results during this quarter and half year with a topline of Rs 996 crore and Rs 1,447 crore respectively. Strategically, we continue to explore opportunities within our supply chain network to broaden our horizons. In line with this strategy, we successfully executed large orders in the consumer durable goods space during the quarter.”

“With our decades of experience, we have emerged as an aggregator for state governments and large institutions, and we see significant prospects in government tender business. Over time, we are certain that we will continue to grow, owing to our operational strengths in outstanding execution and long-standing customer relationships,” he added.

Mafatlal Industries Limited, a flagship company of the Arvind Mafatlal Group has a strong presence in the textile industry offering a wide range of products that include suitings, shirts, fabrics, voiles, uniforms, and more.