Sutlej Textiles and Industries today reported a 22.19 per cent growth in net profit at Rs 63.42 crore for the second quarter ended September on account of higher income from operations.
The company had earned a net profit of Rs 51.9 crore in the year-ago period, it said in a BSE filing.
During the quarter under review, its total income from operations rose to Rs 614.02 crore, as against Rs 567.38 crore in the year-ago period.
"The challenging domestic business environment continued in Q2 FY18 due to lingering effect of demonetisation and disruptions caused by implementation of GST," Sutlej Textiles and Industries Chairman CS Nopany said.
He observed that the decision by the GST council to reduce the rate of duty on man-made yarn is certainly a positive which should improve the negative sentiment.
"Furthermore, a strong rupee and increasing input costs continued to put pressure on margins as product prices remained subdued. I am hopeful that confidence will be soon restored in the marketplace and will result in demand coming back," Nopany said.
The company's stock closed 1.04 per cent down at Rs 94.95 apiece on BSE.
Disclaimer: No Business Standard Journalist was involved in creation of this content
