Arvind Q1 results: Profit down 31% to Rs 70 crore

Textile manufacturer Arvind Ltd on Thursday reported a 31.41 per cent decline in consolidated net profit at Rs 69.70 crore for June quarter 2023-24. The company had posted a net profit of Rs 101.62 crore for the year-ago period, Arvind said in a regulatory filing.

Revenue from operations was down 21.20 per cent at Rs 1,853.27 crore during the quarter, as against Rs 2,352.12 crore in the corresponding period of the previous fiscal.

"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," stated an earnings statement from Arvind.

Total expenses in the quarter under review were Rs 1,774.36 crore, down 20.58 per cent compared to the year-ago period. Revenue from textiles was Rs 1,418.11 crore in the June quarter and the same from advanced material was Rs 341.96 crore.

"Advanced materials clocked 22.4 per cent growth on a year-on-year basis, resulting from both volume growth as well as better realisation," it said. Total income in the quarter was down 20.98 per cent to Rs 1,865.13 crore.

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. The company's shares settled at Rs 125.90 apiece on the BSE on Thursday, down 7.26 per cent.

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