Sutlej Textiles and Industries Ltd., one of the leading textile companies has witnessed a consolidated loss at Rs. 23.85 cr in 4th quarter of the financial year 2022-23. The company has posted net loss of Rs. 23.85 cr for the period ended 31st March 2023 as against loss of Rs. 15.56 cr for the period ended 31st December 2022.
As per the results announced by the company, it has reported total income of Rs. 751.85 cr during the Q4 of year ended 31st March 2023 as compared to Rs. 669.90 cr during the period ended 31st December 2022.
It reported total income of Rs.3,100.46 cr during FY 2022-23 compared to Rs.3,112.20 cr during the Financial Year 2021-22. It posted net profit of Rs.37.28 cr for the FY 2022-23 compared to Rs.150.23 cr during the Financial Year 2021-22.
C.S. Nopany, Executive Chairman of the company said, “For the Indian Textile Sector, Fiscal 2023 was a mixed bag. After a strong Fiscal 2022, we entered the year with geopolitical tensions and soaring raw material costs. As the year progressed, the fallout of some of those events had a bearing on our demand centers such as the USA, EU and UK. Towards the latter part of the year, raw material prices stabilised, but the overall operating environment and customer sentiments globally remains subdued. We are hopeful of a revival in the second half of the forthcoming year. The Government’s push at making India a textile hub is confidence inspiring, as is the FTA that is being pursued with large economies.”
He further added that at Sutlej, “we are cautious, but optimistic about the sector and are continuing to forge ahead with our strategic expansion plan. As a multi-product, multi-market company, our fungible manufacturing facilities provide us with the wherewithal to operate in challenging environments. We are hopeful that with our robust financial position, wide product offering and dedicated workforce, we will continue to deliver strong results and add value to all our stakeholders.”
In FY ’23, the company’s yarn capacity utilisation ats optimum level of 93 percent which was same in FY ’22.
