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ICICI Direct Report
Vardhman Textiles Ltd. reported a recovery on the revenue front with revenues in Q2 FY21 declining YoY marginally by 2.3% to Rs 1625 crore.
However, gross margins fell 940 basis points YoY to 38.5%, which led Ebitda margin to decline 612 basis points YoY to 8.9% inspite of 267 basis points reduction in power and fuel cost.
Ebitda fell 42% YoY to Rs 144.7 crore. Ebitda was impacted by hedging loss on cotton derivative contracts to the tune of Rs 26 crore.
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