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Journalism of Courage
Textile major Arvind Ltd today said consolidated net profit more than doubled to Rs 67.62 crore in the first quarter ended June 30,mainly on account of lower earnings a year earlier due to a labour strike.
The company posted a profit of Rs 32.47 crore in the same quarter last year.
“The figures are not comparable as in the first quarter of last year there was a labour strike,which resulted in loss of sales and profitability,” Arvind said in a BSE filing.
Net sales went up 27.54 per cent to Rs 1,501.19 crore in the quarter from Rs 1,176.99 crore in the period a year ago.
“We are pleased that every category registered volume and price growth,leading to strong revenue growth in the textiles segment,” said Arvind Director and Chief Financial Officer Jayesh Shah. “We are hopeful that we will achieve 20 per cent growth this year.”
The company reported a 29.15 per cent increase in revenue from the textile business to Rs 1,076.1 crore and a 34.34 per cent rise from brand and retail at Rs 368.52 crore.
Revenue from real estate declined 13.75 per cent to Rs 14.61 crore. Overall expenses were at Rs 1,340.65 crore,an increase of 25 per cent from Rs 1,072.21 crore a year ago.
