Arvind Ltd Q3 Profit Up 8%, Revenue Down - Business News
By Rediff Money Desk, NEWDELHI Jan 30, 2024 13:16
Arvind Ltd's Q3 net profit rose 8.41% to Rs 94.32 crore, but revenue fell 4.62%. Learn about the textile giant's performance and key highlights.
New Delhi, Jan 30 (PTI) Leading textile manufacturer Arvind Ltd on Tuesday reported 8.41 per cent increase in consolidated net profit of Rs 94.32 crore for the third quarter ended December 2023.
The company had logged a net profit of Rs 87 crore during October-December period a year ago, Arvind said in a regulatory filing.
However, revenue from operations was down 4.62 per cent at Rs 1,888.24 crore during the quarter as against Rs 1,979.79 crore in the corresponding period of the previous fiscal.
"Q3 FY24 revenue was impacted by price deflation," the company said.
Total expenses were down 6.42 per cent to Rs 1,777.31 crore.
The company said revenue from the textiles segment, which includes fabrics, garments and fabric retail, was at Rs 1,425.50 crore.
Revenue from 'Advance Material', which includes human protection fabric & garments, industrial products, advance composites and automotive fabrics, was at Rs 344.59 crore in December quarter 2023-24.
Revenue from other segments, which include business as e-commerce was at Rs 138.61 crore.
Total income in the quarter was down 4.74 per cent to Rs 1,897.65 crore.
In a separate filing, Arvind said its board in a meeting held on Tuesday approved re-appointment of Arpit Patel as an independent director and appointment of Nigam Shah as Chief Financial Officer of the company.
Arvind Ltd 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.
Shares of Arvind Ltd were trading at Rs 313.70 apiece on BSE, down 0.13 per cent from the previous close.
The company had logged a net profit of Rs 87 crore during October-December period a year ago, Arvind said in a regulatory filing.
However, revenue from operations was down 4.62 per cent at Rs 1,888.24 crore during the quarter as against Rs 1,979.79 crore in the corresponding period of the previous fiscal.
"Q3 FY24 revenue was impacted by price deflation," the company said.
Total expenses were down 6.42 per cent to Rs 1,777.31 crore.
The company said revenue from the textiles segment, which includes fabrics, garments and fabric retail, was at Rs 1,425.50 crore.
Revenue from 'Advance Material', which includes human protection fabric & garments, industrial products, advance composites and automotive fabrics, was at Rs 344.59 crore in December quarter 2023-24.
Revenue from other segments, which include business as e-commerce was at Rs 138.61 crore.
Total income in the quarter was down 4.74 per cent to Rs 1,897.65 crore.
In a separate filing, Arvind said its board in a meeting held on Tuesday approved re-appointment of Arpit Patel as an independent director and appointment of Nigam Shah as Chief Financial Officer of the company.
Arvind Ltd 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.
Shares of Arvind Ltd were trading at Rs 313.70 apiece on BSE, down 0.13 per cent from the previous close.
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
- 9.80 ( -0.71)
- 44492337
- G V Films
- 0.94 (+ 9.30)
- 37404318
- Jaiprakash Power Ven
- 19.44 ( -3.38)
- 30530141
- Spicejet Ltd.
- 62.79 ( -4.25)
- 22824171
- Srestha Finvest
- 0.89 (+ 4.71)
- 21696619
MORE NEWS
Paytm CEO on Consumer Payments Focus &...
Paytm CEO Vijay Shekhar Sharma outlines the company's focus on recovering lost consumer...
Exicom Acquires Tritium for Rs 310 Cr: EV...
Exicom, an Indian EV charging solutions firm, has acquired US-based Tritium for USD 37...
India Eases Rice Exports: South Africa Welcomes...
South African importers welcome India's decision to ease rice export restrictions,...