Ahmedabad, May 31 Denim fabric maker Jindal Worldwide Ltd on Tuesday posted a standalone net profit of Rs 26 crore for the quarter ended March 31, 2023, down 26 per cent from Rs 35 crore in the corresponding quarter a year ago.

Standalone revenues from operations stood at Rs 566 crore for the quarter, down 25 per cent, as against Rs 758 crore in the same quarter last year.

For the financial year 2022-23, net profit increased 4.5 per cent to Rs 114 crore, as against Rs 109 crore in the previous year. Revenues from operations for the fiscal stood at Rs 2,149 crore, down 17 per cent from Rs 2,584 crore last year.

Total expenses for the fiscal declined to Rs 1,999 crore (Rs 2,445 crore), on reduced cost of materials consumed.

The board of directors has recommended final dividend at 20 per cent or Rs 0.20 per equity share of Re 1 each.

Jindal Worldwide shares lost 1.5 per cent to end at Rs 335 on the BSE on Tuesday.