Published
Sep 1, 2020
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Arvind Ltd reports Q1 net loss of Rs 97 crore

Published
Sep 1, 2020

Textile firm Arvind Ltd reported a consolidated net loss of Rs 97 crore ($13.3 million) for the first quarter ended June 30, 2020, as against a net profit of Rs 24 crore it reported in the year-ago period.
 

Arvind Ltd reports Q1 net loss of Rs 97 crore - Arvind Ltd


The company’s revenue for the quarter under review was down to Rs 599 crore, as against Rs 18,896 crore it reported in the corresponding period last year.
 
Arvind Ltd’s business was impacted due to the rise in Covid-19 cases and the subsequent lockdowns throughout the quarter, resulting in poor sales and losses.

“As a result of the lockdown due to the Covid-19 pandemic, the volumes for the current quarter were impacted. Revenue from operations and profitability decreased due to Covid-19 related market volatility. Therefore, the results for the current quarter are not comparable with the previous corresponding period,” the company said in a statement.
 
On the outlook, Arvind remained optimistic and said its revenues have started recovering after plunging in April. June/July revenues have reached 55-60 percent levels of the previous year, it added.
 
Arvind Limited is a leading player in India’s textile and apparel market. It owns several private labels and licenses for international brands in India.

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