Arvind Ltd reports Q2 net loss of Rs 6 crore

By

Maverick Martins

Published
Oct 30, 2020

Textile major Arvind Ltd reported a consolidated net loss of Rs 6 crore ($8,06,079) for the quarter ended on September 30, 2020, as against a net profit of Rs 50 crore it had reported in the corresponding period last year.
 

The company’s total income during the quarter was down at Rs 1,319 crore, as against Rs 1,974 crore it reported in the corresponding quarter a year-ago.
 
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 lockdown to contain the outbreak of Covid-19, the volumes for the current quarter and half year are impacted. Revenue from operations and profitability have decreased due to Covid-19-related market volatility. Therefore, financial results for the quarter and half year ended September 30, 2020, are not comparable to previous corresponding period results,” Arvind Ltd said in a statement.
 
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.