Arvind Ltd Q4 Profit Rises 7.32% to Rs 104.42 Crore
May 06, 2024 13:51
Arvind Ltd reported a 7.32% rise in consolidated net profit at Rs 104.42 crore in Q4 FY24, driven by strong revenue growth. The company also declared dividends and announced leadership changes.
New Delhi, May 6 (PTI) Textiles manufacturer Arvind Ltd on Monday reported a 7.32 per cent rise in consolidated net profit at Rs 104.42 crore in the fourth quarter ended March 31, 2024.
The company had posted a net profit of Rs 97.3 crore in the same quarter of the previous fiscal, Arvind Ltd said in a regulatory filing.
Consolidated revenue from operations during the quarter under review stood at Rs 2,074.51 crore as against Rs 1,880.76 crore in the corresponding period a year ago, it added.
The board of directors has recommended a final dividend of Rs 3.75 per equity share and a one-time special dividend of Re 1 per equity share, totalling a dividend of Rs 4.75 per equity share of face value of Rs 10 each for the financial year ended March 31, 2024, subject shareholders' approval in the ensuing annual general meeting, it added.
For the fiscal ended March 31, 2024 net profit was at Rs 352.63 crore as compared to Rs 413.17 crore in FY23, the filing said.
Consolidated revenue from operations in FY24 stood at Rs 7,737.75 crore as against Rs 8,382.48 crore in FY23, it added.
Arvind Ltd said its board has also approved a change in the designation of Sanjay Lalbhai as 'Chairman' from 'Chairman and Managing Director', while Punit Lalbhai will be redesignated as Vice Chairman from the earlier 'Vice Chairman and Executive Director'.
Moreover, Kulin Lalbhai will be designated as 'Vice Chairman' from 'Executive Director' earlier.
The company further said the board has approved the appointment of Susheel Kaul as its Managing Director, designated as 'Managing Director & President (Textiles)' with effect from May 6, 2024.
Jayesh Shah has been re-appointed as Whole time Director designated as 'Director & Group Chief Financial Officer', it added.
The company's board also approved the transfer of its advanced materials undertaking as a going concern on a slump sale basis to Arvind Advanced Materials Ltd, a wholly owned subsidiary, for a lump sum net cash consideration of Rs 90.36 crore, the filing said.
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