Arvind Ltd Q2 Profit Down 25% on Higher Expenses
By Rediff Money Desk, New Delhi Oct 28, 2024 13:55
Arvind Ltd reported a 25.44% decline in consolidated net profit for Q2 FY25, impacted by higher expenses and a one-time hit due to deferred tax. Revenue rose to Rs 2,188.31 crore.
New Delhi, Oct 28 (PTI) Textile manufacturer Arvind Ltd on Monday reported a 25.44 per cent decline in consolidated net profit at Rs 62.77 crore in the second quarter ended September 30, 2024 impacted by higher expenses and a one-time hit due to rise in provision for deferred tax.
The company had posted a consolidated net profit of Rs 84.19 crore in the corresponding period last fiscal, Arvind Ltd said in a regulatory filing.
Consolidated revenue from operations in the second quarter stood at Rs 2,188.31 crore, as against Rs 1,921.73 crore in the year-ago period, it added.
Total expenses were higher at Rs 2,065.57 crore in the quarter under review, as compared to Rs 1,821.72 crore in the same period a year ago, the company said.
The company said it made a provision of Rs 29.35 crore as a cumulative one-time impact, while computing the profit after tax for the period ended September 30, 2024 following the change in long term capital gains tax.
The company said in the second quarter it recovered from challenges of quarter one and made progress on its growth path.
"All plants operated normally, contributing to a strong performance. Despite ongoing geopolitical issues and pessimistic macroeconomic forecasts creating uncertainty, the company's operating performance this quarter showed promising signs," it said.
Volume gains were reported across all segments, including fabric and garmenting, supported by stable raw material costs and a favourable product mix.
While textile division revenue grew by 12 per cent, the highest in nine quarters, and reached Rs 1,633 crore, the advanced material division clocked a revenue of Rs 388 crore, up 9 per cent, it said.
On the outlook, the company said it expects to maintain the healthy performance momentum of quarter two going forward.
The company had posted a consolidated net profit of Rs 84.19 crore in the corresponding period last fiscal, Arvind Ltd said in a regulatory filing.
Consolidated revenue from operations in the second quarter stood at Rs 2,188.31 crore, as against Rs 1,921.73 crore in the year-ago period, it added.
Total expenses were higher at Rs 2,065.57 crore in the quarter under review, as compared to Rs 1,821.72 crore in the same period a year ago, the company said.
The company said it made a provision of Rs 29.35 crore as a cumulative one-time impact, while computing the profit after tax for the period ended September 30, 2024 following the change in long term capital gains tax.
The company said in the second quarter it recovered from challenges of quarter one and made progress on its growth path.
"All plants operated normally, contributing to a strong performance. Despite ongoing geopolitical issues and pessimistic macroeconomic forecasts creating uncertainty, the company's operating performance this quarter showed promising signs," it said.
Volume gains were reported across all segments, including fabric and garmenting, supported by stable raw material costs and a favourable product mix.
While textile division revenue grew by 12 per cent, the highest in nine quarters, and reached Rs 1,633 crore, the advanced material division clocked a revenue of Rs 388 crore, up 9 per cent, it said.
On the outlook, the company said it expects to maintain the healthy performance momentum of quarter two going forward.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 8.25 (+ 7.56)
- 69359443
- GTL Infrastructure
- 1.96 ( -1.01)
- 47739359
- Srestha Finvest
- 0.63 ( -4.55)
- 39336094
- YES Bank Ltd.
- 20.56 (+ 5.98)
- 31488910
- G G Engineering
- 2.06 ( -3.29)
- 29696100
MORE NEWS
Sistema.bio Acquires Inclusive Energy for...
Sistema.bio acquires Inclusive Energy to enhance biogas solutions and develop...
Sun Pharma Q2 Profit Up 28% to Rs 3,040 cr
Sun Pharma reports a 28% rise in net profit to Rs 3,040 crore in the September quarter,...
Welspun Living Q2 Profit Up Marginally to Rs...
Welspun Living reported a slight increase in Q2 net profit to Rs 202.4 crore, driven by...