Textiles major Arvind Ltd reported a 36 percent decline in net profit to Rs 80 crore ($10 million) for the second quarter of financial year 2023-24, as against Rs 125 crore in the year-ago period.
The company’s revenue for the quarter slumped by 11 percent to Rs 1,921 crore, as against Rs 2,170 crore in the corresponding quarter of the previous fiscal year.
Arvind Ltd textiles and advanced materials business improved margins at 11 percent and 16 percent respectively.
The textiles business contributed Rs 1,455 crore to the revenue while the revenue from advanced materials business stood at Rs 354 crore.
Commenting on the outlooking, Arvind Ltd in its earnings reported said, “Festival buying, and macro indicators promise likely improvement in domestic markets over coming months. Revenue and margins expected to show slight improvement on a sequential basis.”
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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