MUMNAI, (GNI): From L to R – Mr. Kulin Lalbhai, Executive Director, Arvind Ltd., Mr. Jayesh Shah, CFO, Arvind Ltd, Mr, Sanjay Lalbhai, CMD, Arvind Ltd and Mr. Punit Lalbhai, Executive Director, Arvind Ltd.- Photo By Sumant Gajinkar
- Arvind Ltd announces consolidated results for the 2nd quarter ended Sep. 30, 2017.
- Profit after tax and before exceptional items lower by 15% at Rs. 66 crores.
The consolidated revenue for the quarter stood at Rs. 2,628 crores, registering a growth of 13% over the corresponding quarter of the previous year despite a challenging market due to GST implementation. Consolidated EBIDTA declined 9% to Rs. 212 crores from Rs. 232 crores in the corresponding quarter for the last year, primarily due to revenue challenges in domestic market and higher cotton prices on year on year basis. Profit after tax before exceptional items was down 15% to Rs. 66 crores as compared to Rs. 77 crores in the corresponding quarter of the previous year. Profit after Tax after Exceptional items, which consisted of retrenchment compensation, was Rs. 62 crores (down 14%) as compared to Rs. 71 crore in corresponding quarter in previous financial year.
Commenting on the results as well as outlook of the Company, Mr. Jayesh Shah, Director & Chief Financial Officer said: “2ndquarter turned out to be another challenging quarter for the industry with GST implementation impacting our domestic textile business. Even the consumer facing brands business was impacted in month of July as both the wholesale and retail channels were under pressure. However, brands business saw strong performance in August and September leading to good growth overall. Going forward, we expect transitionary impact of GST to settle down and we expect revenue growth to return to normalcy.”ENDS