Vishal Fabrics' H1FY23 PAT stood at INR 30 crore

Vishal Fabrics Limited (BSE: 538598) (NSE: VISHAL) announced its un-audited standalone financials for the second quarter and half year ended 30th September 2022.

Financial & Business Highlights:

Revenue

- The Company recorded Revenue of Rs.343 Crs during Q2FY23, as against Rs. 400 Crs in Q2FY22

- Revenue for H1FY23 stood at Rs.786 Crs, as against Rs.694 Crs in H1FY22

- The decline in revenues is due to muted demand scenario experienced in the overall textile industry this quarter.

EBITDA

- EBIDTA for Q2FY23 stood at Rs. 31 Crs as compared to Rs.42 Crs for Q2FY22, a de-growth of 27%.

- EBIDTA margins for Q2FY23 stood at 9.0% as compared to 10.6% in Q2FY22, a de-growth of 155bps.

- Volatile raw material prices put pressure on the EBITDA margin

- EBIDTA for H1FY23 stood at Rs. 75 Crs as compared to Rs.73 Crs for H1FY22, a growth of 3%.

- EBIDTA margins for H1FY23 stood at 9.6% as compared to 10.5% in H1FY22, a de-growth of 95bps.

PAT

- Net profit after tax for Q2FY23 stood at Rs.11 Crs as compared to Rs.20 Crs for Q2FY22

- Net profit after tax for H1FY23 stood at Rs.30 Crs as compared to Rs.30 Crs for H1FY22

- EPS for Q2FY23 stood at Rs. 0.56

- EPS for H1FY23 stood at Rs. 1.52

Debt Reduction

We target to reduce debt by Rs. 35-40 Crs in FY23 out of which Rs.22 Crs has already been paid by Sept 2022.

Commenting on the performance, Mr. Brijmohan Chiripal, Managing Director, said, "During the quarter, the overall demand scenario remained muted owing to ongoing economic challenges, volatile cotton prices and global inflationary pressures. As a result, our capacity utilization levels were on the lower side, impacting our margins negatively. We are ready to sail through these challenging times with a comfortable level of debt-equity ratio at 0.98x. Although the short-term headwinds may continue, we remain confident about the long-term growth prospects for the Indian textile sector as well as our capacity to raise utilization levels and get back the revenues at normalcy."

Shares of Vishal Fabrics Limited was last trading in BSE at Rs. 23.15 as compared to the previous close of Rs. 23.15. The total number of shares traded during the day was 36225 in over 194 trades.

The stock hit an intraday high of Rs. 23.80 and intraday low of 23.10. The net turnover during the day was Rs. 840785.00.

Source : Equity Bulls

Keywords

VishalFabrics INE755Q01025 Q2FY23 H1FY23 ResultUpdate