Arvind Fashions Q2 net loss narrows to Rs 98 crore
Arvind Fashions Ltd (AFL) narrowed its loss to Rs 98 crore for the second quarter ended September 2021, as against a net loss of Rs 212 crore it reported in the year-ago period.
The company’s revenue for the quarter rose by 113 percent to Rs 812 crore, as against Rs 382 crore it reported in the corresponding period of the previous fiscal year.
Commenting on the Q2 results, Shailesh Chaturvedi, managing director and CEO at Arvind Fashions Ltd, in a statement said: “We are happy to see rapid sales recovery across channels aided by strong nationwide vaccination program leading to positive consumer sentiment. The business has returned to normalcy towards the end of quarter, thereby, providing a strong start to the festive period.”
“During the quarter, we raised Rs 400 crore via preferential issue through marquee investors and promoters resulting in strengthened balance sheet along with adequate funds available for growth moving ahead. With the exit of discontinued brands completely behind us, our sharp focus on 6 high conviction brands will help deliver robust sales growth with significantly improved operational profitability in H2 FY22,” he added.
AFL has a portfolio of both international and indigenous brands which includes U.S. Polo Assn., Arrow, Tommy Hilfiger, Calvin Klein, Flying Machine, Aeropostale, and Ed Hardy, among others.
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