Arvind India Q2 profit rises 16 pc to Rs 75 crore

Source: https://www.retailnews.asia

Textile and apparel player Arvind Ltd on Thursday reported a 16.38 percent increase in its consolidated net profit to Rs 75.08 crore for the second quarter ended September 2018. According to a report: The company had posted a net profit of Rs 64.51 crore in the July-September period a year-ago, Arvind Ltd said in a BSE filing.

Total income during the quarter under review stood at Rs 1,815.98 crore, up 12.85 percent, as against Rs 1,609.10 crore in the corresponding quarter of the previous fiscal.

Total expenses stood at Rs 1,723.27 crore as against Rs 1,540.08 crore, up 11.89 percent.

Meanwhile, the company said that as NCLT has approved the scheme of demerger for its branded apparels and engineering businesses, “the reported financial statements reflect figures for continuing businesses only”.

“Pending receipt of order and other conditions precedent in the Scheme, the Group has considered the business of Engineering and Branded Apparel Undertaking as ‘Discontinuing Operations’,” the company said.

Arvind’s net profit for the period from continuing operations rose to Rs 56.10 crore as against Rs 48.48 crore earlier.

Net profit after tax from discontinuing operations was at Rs 18.98 crore as compared to Rs 16.03 crore.

“The effective date of demerger and record date for allotment of shares is likely to be end of November,” it added.



Categories: Apparel, Asia, Business, India, Textile

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