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Vishal Fabrics reports H1FY23 PAT at INR 30 crore

Vishal Fabrics Limited nnounced its un-audited standalone financials for the second quarter and half year ended 30th September 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.”

Standalone Financial Performance:

Particulars (Rs. Crs) Q2FY23 Q2FY22 YoY Q1FY23 QoQ H1FY23 H1FY22 YoY
Revenue from Operations 343 400 (14%) 442 (22%) 786 694 13%
EBITDA 31 42 (27%) 44 (30%) 75 73 3%
EBITDA (%) 9.0% 10.6% (155)bps 10.0% (97)bps 9.6% 10.5% (95)bps
EBIT 23 36 (35%) 37 (37%) 60 58 3%
EBIT Margin (%) 6.7% 8.9% (217)bps 8.4% (157)bps 7.6% 8.4% (73)bps
Profit After Tax 11 20 (44%) 19 (41%) 30 30
PAT Margin (%) 3.2% 4.9% (170)bps 4.3% (105)bps 3.8% 4.3% (48)bps
EPS 0.56 1.00   0.96   1.52 1.52  
Cash PAT 19 27   27   47 45  

Sales Volume Performance

  Dholi unit
Particulars Q2FY23 Q2FY22 H1FY23 H1FY22
Utilisation% 71% 85% 75% 85%
Capacity (MMTPA) 23 20 45 40
  Narol unit
Particulars Q2FY23 Q2FY22 H1FY23 H1FY22
Utilisation% 68% 52% 77% 56%
Capacity (MMTPA) 26 26 53 53

Capacity utilization of both units affected due to muted demand in the textile industry as a whole

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.

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