India: Terry towel maker, Vanasthali Textiles posts below average performance

Company Performance

India: Terry towel maker, Vanasthali Textiles posts below average performance

Vanasthali Textile Industries Ltd, a leading terry towel manufacturer in India, has posted a net loss of Rs 39.92 million, in the first quarter of fiscal 2012-13. In the corresponding quarter of the previous fiscal, the company’s losses amounted to Rs 52.99 million. During the full fiscal year 2012-13, the company’s losses amounted to Rs 210.63 million.

Net sales during the first quarter of 2013-14, at Rs 27.68 million, were 14.9% higher than in the corresponding fiscal.

The company, over the years, had emerged an important player in the growing terry towels segment, manufacturing a wide range of products – bath, beach, institutional towels and made-ups. Vanasthali exports to several countries, including USA, EEC, Canada, Australia, New Zealand, Japan, South Africa, Middle East, Chile, etc.

The slowdown in its main markets – US and Europe – resulted in the company’s average performance.