20 February 2023, Mumbai
For the third quarter Vishal Fabrics’ net profit fell by 38 per cent.
Revenue for the quarter was down by ten per cent as against the corresponding period of the previous fiscal year. Despite the drop in numbers, Vishal Fabrics is confident about the long-term growth prospects for the Indian textile sector as well its capacity to raise utilization levels and get back the revenue at normalcy. Vishal Fabrics has set a target of Rs 2,000 crore topline by the fiscal year 2024 and aims to achieve it through expansion in the domestic market coupled with exports in existing and new markets. Ahmedabad-based Vishal Fabrics is a flagship company of the Chiripal group. Vishal Fabrics caters to the premium and the super-premium end of the denim segment. The company is also expanding its overseas presence by adding new markets in Latin America and Europe. Vishal Fabrics has no plans to go into garments and apparels and will be confined to the B2B segment. The denim maker is also investing in the expansion of its current capacity to increase denim production. Although the short-term headwinds may continue, the company remains confident about the long-term growth prospects for the Indian textile sector as well as its capacity to raise utilization levels and get back the revenues at normalcy.
