Arvind Ltd, a leading textile manufacturer, announced an 8.41% increase in consolidated net profit for the third quarter ended December 2023. The company posted a net profit of Rs 94.32 crore during the quarter, compared to Rs 87.02 crore in the same period last year.
While the net profit showed positive growth, the revenue from operations witnessed a decline of 4.62%. Arvind Ltd reported revenue of Rs 1,888.24 crore for the quarter, down from Rs 1,979.79 crore in the previous fiscal year’s corresponding period.
The company attributed this decline to price deflation, which impacted its overall revenue for the quarter.
Total expenses for the quarter were down 6.42% at Rs 1,777.31 crore. Arvind Ltd stated that revenue from the textiles segment, including fabrics, garments, and fabric retail, stood at Rs 1,425.50 crore. Revenue from the ‘Advance Material’ segment, which includes human protection fabric and garments, industrial products, advanced composites, and automotive fabrics, amounted to Rs 344.59 crore.
Additionally, revenue from other segments, such as e-commerce business, reached Rs 138.61 crore. The total income for the quarter stood at Rs 1,897.65 crore, down 4.74% compared to the previous year.
In other news, Arvind Ltd also announced the reappointment of Arpit Patel as an independent director and the appointment of Nigam Shah as Chief Financial Officer during their board meeting held on Tuesday.
Arvind Ltd, known for being one of India’s largest textile companies, serves as an end-to-end supply chain partner for several renowned fashion brands worldwide. Their shares were trading at Rs 313.70 apiece on BSE, experiencing a slight decrease of 0.13% from the previous close.
