Arvind Ltd on Tuesday reported a marginal increase of 1.47 per cent in consolidated net profit at Rs 71.7 crore for the second quarter ended September 30, mainly on account of jump in employee benefit expenses. The company had reported consolidated net profit of Rs 70.66 crore in the July-September period of last fiscal. Consolidated net sales of the company increased by 18.63 per cent to Rs 2,319.11 crore during the period under review as against Rs 1,954.9 crore in the corresponding quarter of the previous fiscal, Arvind Ltd said in a BSE filing.
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The company said its profit after tax was dragged down due to retrenchment compensation. During the quarter, its employee benefit expenses stood at Rs 283.71 crore as against Rs 224.15 crore reported in the same quarter last fiscal. “Our textiles business continues to deliver a strong performance as we continue to pursue a calibrated growth startegy…Our established power brands continues to consolidated their market positions,” Arvind Ltd Director and Chief Financial Officer Jayesh Shah said.
Revenue from textiles segment during the period grew by 8.77 per cent to Rs 1427.5 crore, while revenue from brand and retail business revenue increased by 32.86 per cent to Rs 751.99 crore. Shares of Arvind Ltd were trading at Rs 388.8, up 8.15 per cent, on the BSE.