The announcement was made yesterday (5 March 2023).

The Vardhman group is one of the leading textile groups in India, with operations across the yarn, fabric, sewing threads, fibre, special alloys and garment sectors. In fiscal 2022, the textile business accounted for 85% of the consolidated operating income, followed by the fibre segment (3%) and the steel alloy segment (12%). The group has 18 production plants in Punjab, Madhya Pradesh, Gujarat and Himachal Pradesh.

The company reported 76.11% drop in consolidated net profit to Rs 102.40 crore on a 8.94% fall in sales to Rs 2370.47 crore in Q3 FY23 over Q3 FY22.

The scrip advanced 0.96% to currently trade at Rs 316.80 on the BSE.