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Business: Textile major Mafatlal Industries Ltd reported a 5 percent decline 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.
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The company reported a revenue of Rs 996 crore for the quarter, against Rs 309 crore in the same quarter of the previous fiscal year. The revenue recorded a rise of 223 percent.
Mafatlal has a running order book of around Rs 1,200 crore in hand. It includes orders from the governments of Maharashtra, Jharkhand, and Tripura in the textile and consumer durable segments.
Commenting on the results, M B Raghunath, CEO of Mafatlal, said in a statement, “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 sure that we will continue to grow, owing to our operational strengths in outstanding execution and long-standing customer relationships, he added.
Mafatlal Industries Limited is one of the flagship companies of the Arvind Mafatlal Group, is a robust player in the textile market with a wide variety of offerings such as suitings, shirts, fabrics, voiles, uniforms, among others.
