Arvind sees double digit profit drop in FY23 Q3
Arvind Limited reported that its consolidated net profits dropped by 11.62% year-on-year in the third quarter of the 2023 financial year. The textiles business’ revenue from operations was also down compared to the third quarter of the 2022 fiscal.
For the third quarter of the current financial year, which ended onDecember 31, 2022, Arvind Limited’s consolidated net profit from operations totalled Rs 87 crore compared to Rs 98.44 crore in the third quarter of the 2022 fiscal, ET Bureau reported. The business’ revenue from operations dropped from Rs 2,270.07 crore in the third quarter of the 2022 financial year to Rs 1,979.79 crore this past quarter.
The business was clear that it has continued to deliver on its pledge to reduce its long-term debt. “During the quarter, long-term debt saw a net reduction of Rs 135 crore taking the outstanding to Rs 739 crore as of December 31, 2022,” said the business in a statement, the Press Trust of India reported.
Arvind Limited has been working on reducing its expenses and its total expenses were Rs 1,899.7 crore in the third quarter of the 2023 financial year, down from Rs 2,134.54 in the same period a year ago, according to the business’ regulatory filings. Arvind Limited experienced lower textile volumes, especially in its denim segment, brought about in part by price realisations which have been ongoing since the second quarter.
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