Vardhman Textiles Q4 Review – Strong Operating Margin; Outlook Remains Positive: Systematix

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Systematix Research Report

Vardhman Textiles Ltd. reported revenue/Ebitda/profit after tax growth of 22%/75%/67% YoY to Rs 19.5 billion/Rs 3.9 billion/Rs 2.4 billion in Q4 FY21 supported by improving fabric utilisation, strong export demand and a better pricing environment.

The spinning/grey/processed fabric utilisation rate was 100%/99%/79% versus our expectation of 100%/98%/90%.

Sales volumes of yarn/grey/processed fabric improved 7%/17%/6% YoY to 56,698 tonne/57.1 million meter/34.4 million meter.

Gross margin improved 460 basis points YoY to 53.1% due to a higher cotton-yarn spread of Rs 113 versus Rs 75 YoY.

Click on the attachment to read the full report:

Systematix Vardhman – Q4FY21 Results Update.pdf


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