Sutlej Textiles and Industries Limited, part of KK Birla Group and a leading manufacturer and exporter of value-added dyed yarns (synthetic and cotton mélange) with presence in home textiles, reported its financial results for the quarter ended 30th September 2022.
The total income of the company was 4 per cent higher as it was Rs. 817 crore during Q2 of FY ’23 as compared to Rs. 786 crore of Q2 of FY ’22.
Profit after tax (PAT) reduced by 23 per cent as it was Rs. 32 crore during the 2nd quarter of the current fiscal compared to Rs. 41 crore in same quarter of last fiscal.
C. S. Nopany, Executive Chairman of the company said, “The global economic turmoil coupled with inflationary pressures has resulted in a challenging operating environment for most sectors, including textiles. We are now witnessing key commodity prices declining from their extraordinary highs, resulting in a slowing down of demand in almost all geographies. As prices continue on a downward trajectory, finding a new equilibrium, demand and offtake remained subdued in Q2.”
He further added that at Sutlej, “While the quarterly performance has been under some pressure, we have been quite resilient and have operated at optimum capacity due to our diversified portfolio, multi-market operations, strong relationships with our customers and we remain cognisant of the overall market dynamics going forward.”
The total spinning capacity of the company presently stands at 421,008 spindles and it has a strong global clientele and exports to more than 65 countries.
