Textile manufacturer Arvind Ltd reported a 31 percent decline in consolidated net profit at Rs 70 crore ($8.7 million) for the April-June quarter, as against a net profit of Rs 102 crore posted in the year-ago period.
The company’s revenue for the quarter was down by 21 percent to Rs 1,853 crore, as against Rs 2,352 crore reported in the corresponding period of the previous fiscal year.
Arvind’s total expenses for the quarter were down by 21 percent to Rs 1,774 crore compared to the year-ago period.
“EBITDA (earnings before interest, taxes, depreciation, and amortisation) margin of the overall business increased 30 basis points on a year-on-year basis. This is on account of softening raw material prices and improved performance of advanced materials business,” Arvind Ltd said in a statement.
“Advanced materials clocked 22.4 per cent growth on a year-on-year basis, resulting from both volume growth as well as better realisation,” the statement added.
Arvind is one of the largest textile companies in India and is an end-to-end supply chain partner to the world’s leading fashion brands.
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