Sutlej Textiles and Industries today said its net profit declined by 70.92 per cent to Rs 6.6 crore for the second quarter ended September 30,2011,over the same period previous fiscal. The company had posted a net profit of Rs 22.7 crore in the same period last financial year,Sutlej Textiles said in a statement. However,the company's net sales rose to Rs 417.7 crore for the second quarter,as against Rs 380.9 crore in the same period last fiscal. "The textile industry is going through difficulties due to high volatility in rates of raw materials,difficult economic conditions and slowing growth in developed economies," Sutlej Textiles and Industries Chairman C S Nopany said. Sutlej Textiles has a spinning capacity of 2.53 lakh spindles at its two spinning units at Bhawanimandi (Rajasthan) and Kathua (J&K). It also has a capacity to produce 4.9 million metres of fabrics,2 million metres of home textiles,1.6 million pieces of trousers and 20 million metres of fabric processing per annum at Bhilad (Gujarat). Shares of Sutlej Textiles today closed at Rs 175 on the BSE,down 2.26 per cent from the previous close.
