Arvind Ltd reports Q1 net profit of Rs 24 crore
Textile and apparel major Arvind Ltd reported a consolidated net profit of Rs 24 crore ($3.4 million) for the first quarter ended June 2019 as against Rs 62 crore it had reported in the corresponding quarter of the last fiscal year.
Arvind said that the results are not comparable with the previous year’s period due to the demerger of branded apparel undertaking of the company to Arvind Fashions Ltd.
Arvind’s revenue for the quarter increased to Rs 1,917 crore from Rs 1,825 crore it had reported in the year-ago quarter.
"Garment revenues were up given 20 percent higher garment volumes, as our facilities continue to gradually ramp-up. Advanced Materials revenues were up 31 percent while revenue from textiles segment, which includes fabrics, garments and fabric retail, was at Rs 1,617 crore," Arvind Ltd said in a statement.
On the outlook, the company said: "We expect revenue to grow by about 8 percent and maintain EBITDA margin at around 10 percent for the full year."
Arvind Limited is a leading player in India’s textile and apparel market. It owns the India licenses for brands like Tommy Hilfiger, Calvin Klein, Arrow, Gant, Nautica, Gap, and Aeropostale.
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