Arvind Q2 profit surges 16 percent to Rs 75 crore
Textile and apparel major Arvind Ltd reported a 16 percent surge in its net profit to Rs 75 crore ($10.3 million) for the second quarter ended September 2018 as compared to Rs 65 crore it had posted in the July-September period a year ago.
The company’s revenue for the quarter also jumped 13 percent to Rs 1,816 crore as against Rs 1,609 crore in the corresponding quarter of the previous fiscal.
Total expenses of the company rose 12 percent to Rs 1,723 crore as against Rs 1,540 crore. The apparel and garments business was the major revenue generator for the company.
Arvind expects its apparel and garment business to grow 20 percent and 10 percent, respectively, in the second half of the fiscal year, with improved profitability.
Meanwhile, the company said that India’s National Company Law Tribunal (NCLT) had approved the proposal to separate the branded apparel and engineering businesses of Arvind Limited into Arvind Fashions and Anveshan Heavy Engineering.
Arvind Ltd has massive expansion plans for its textile business and will be investing Rs 500 crore ($69.4 million) every year as it looks to double revenue from the business over the next five years.
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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