Arvind Ltd posts a profit of Rs 101.62 cr for April-June; net sales up 64%

Leading textile maker Arvind Ltd on Monday reported consolidated net profit of Rs 101.62 crore for the first quarter which ended June 30, 2022.

The company had recorded a net loss of Rs 11.42 crore in the April-June quarter of the previous financial year, Arvind said in a regulatory filing.

Its operating income stood at Rs 2,352.12 crore, up by 63.93% from Rs 1,434.79 crore in the corresponding period of the previous fiscal year.

Arvind’s total expenditure was Rs 2,234.68 crore, up 55.75% in the second quarter of FY 2022-23 from Rs 1,434.72 crore a year ago.

Its revenue from textiles increased by 68.12% to Rs 1,976.28 crore from Rs 1,175.46 crore in the corresponding period last year.

Textile segment margins “continued to be under pressure as input costs remained high and increased unit price realizations only helped to offset cost increases,” Arvind Ltd said in a statement. .

Advance Material’s revenue was Rs 279.57 crore, up 44.72% in Q2/FY 2022-23 from Rs 193.17 crore, resulting from both volume growth and price increase.

“Arvind continued to meet its stated long-term debt reduction target and reduced it by Rs 56 crore during this quarter. Arvind Limited closed the quarter with net debt of Rs 1,809 crore” , did he declare.

Meanwhile, in a separate filing, Arvind informed his board of directors during its meeting held on Monday of the appointment of Ismet Khambatta as an additional director for five years, subject to the approval of the members of the society.

Shares of Arvind Ltd were trading at Rs 100 on the BSE, up 8.28% from the previous close.

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Ann J. Cox