Arvind Ltd reports Q3 profit of Rs 22 crore
Textile major Arvind Ltd reported a consolidated net profit of Rs 22 crore ($3.1 million) for the third quarter ended December 31, 2020, as against a profit of Rs 35 crore in the year-ago period.
The company’s revenue from operations stood at Rs 1,526 crore during the quarter under review, as compared to Rs 1,883 crore in the year-ago period.
“As a result of the nationwide lockdown to prevent the spread of Covid-19, the volumes for the quarter and April-December period were impacted. Revenue from operations and profitability decreased due to Covid-19 related market volatility,” Arvind Ltd said in a statement.
“Business had returned to 80 percent of October-December 2019-20 quarter with margins too almost fully recovering. Going forward, domestic demand is expected to continue its recovery momentum, with likely traction in key markets in European Union, UK, and U.S. depending on how the pandemic unfolds,” 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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