VTL · Textiles
Vardhman Textiles Ltd. reported revenue of ₹2,509 cr for January to March 2025, +2.0% on the year and +1.8% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹9,785 cr, +3.0% on the four before.
Operating profit (EBITDA) was ₹287 cr, a margin of 11.4%, −109 bps on the year and −126 bps on the quarter. Over the last 8 quarters the margin has ranged from 8.6% to 15.1%, averaging 11.6%. Operating costs grew +3.3%, faster than revenue at +2.0%, so operating profit grew less than sales.
Net profit was ₹238 cr, +17.8% on the year and +12.3% on the quarter, with earnings per share of ₹8.21. Profit before other income, one-offs and tax fell 12.6%, so 30 points of the headline growth came from outside the core business. The tax rate was 19% against an average of 24% over the previous 7 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹887 cr, +39.2% on the four before.
Retail growth comes from new stores and from sales at existing stores; the statements show the total, the filing shows how much each contributed. The quarterly statements do not carry same-store sales, stores added and revenue per square foot; those come with the filing read.
On earnings per share of ₹30.55 over the last four quarters, the stock at ₹526.50 trades at 17.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Source: Quarterly statements
Headline profit grew much faster than core profit. What made up the difference?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,330 cr | ₹2,459 cr | ₹2,309 cr | ₹2,502 cr | ₹2,465 cr | ₹2,509 cr | ₹2,386 cr | ₹2,460 cr | ₹2,505 cr | ₹2,498 cr | ₹2,703 cr | ₹2,866 cr |
| YoY | — | — | −0% | +4% | +6% | +2% | +3% | −2% | +2% | −0% | +13% | +16% |
| EBITDA margin | 10.5% | 12.5% | 15.1% | 12.6% | 12.7% | 11.4% | 13.7% | 12.8% | 11.3% | 11.8% | 17.5% | 19.6% |
| Other income, % of PBT | 41% | 31% | 25% | 32% | 29% | 45% | 30% | 23% | 35% | 31% | 7% | 11% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 23% | 23% | 23% | 32% | 22% | 19% | 25% | 25% | 21% | 13% | 25% | 25% |
| Net profit | ₹162 cr | ₹202 cr | ₹240 cr | ₹197 cr | ₹212 cr | ₹238 cr | ₹208 cr | ₹188 cr | ₹168 cr | ₹189 cr | ₹315 cr | ₹359 cr |
| YoY | — | — | +75% | +45% | +31% | +18% | −13% | −5% | −21% | −21% | +51% | +91% |
| Core profit YoY | — | — | +195% | +148% | +54% | −13% | −17% | −3% | −28% | −7% | +101% | +121% |
| EPS | ₹5.54 | ₹6.94 | ₹8.25 | ₹6.81 | ₹7.28 | ₹8.21 | ₹7.16 | ₹6.57 | ₹5.75 | ₹6.39 | ₹10.88 | ₹12.54 |
| Flags | 1 | 1 | ✓ | ✓ | ✓ | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Vardhman Textiles Ltd. reported revenue of ₹2,509 cr (+2.0% on the year) and net profit of ₹238 cr (+17.8% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved −12.6% on the year, against +17.8% for reported profit.
2 checks raised a question: Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
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