Sutlej Textiles and Industries Ltd today said its net profit declined by 11.61% to Rs 13.7 crore for the first quarter ended June 30, 2011, over the same period previous fiscal.
The company had a net profit of Rs 15.5 crore in the same period last fiscal, Sutlej Textiles said in a statement.
The company's net sales rose to Rs 413.8 crore for the first quarter ended June 30, as compared to Rs 348.7 crore in the same period previous fiscal.
Commenting on the results Sutlej Textiles and Industries Ltd Chairman C S Nopany said: "The textile industry is going through an upheaval due to significant declines in the prices of raw materials and finished goods creating uncertainty amongst the mind of buyers."
"I am glad that Sutlej has been able to minimise the impact of depressed markets in the first quarter and is geared up to meet the challenges being posed by the difficult market conditions," Nopany added.
Shares of Sutlej Textiles today closed at Rs 213.30 on Bombay Stock Exchange, down 0.77% from its previous close.