Arvind’s June quarter profit drops 31% to Rs 70 crore

The company stated that advanced materials had seen a growth of 22.4 per cent on a year-on-year basis, driven by both volume growth and better realisation.

Arvind, a textile manufacturer, reported that its consolidated net profit for the June quarter 2023-24 had declined by 31.41 per cent to Rs 69.70 crore. The regulatory filing revealed that in the year-ago period, the company had posted a net profit of Rs 101.62 crore.

During the quarter, the revenue from operations also witnessed a decline of 21.20 per cent at Rs 1,853.27 crore, as compared to Rs 2,352.12 crore in the corresponding period of the previous fiscal year.

According to Arvind’s earnings statement, the EBITDA margin of the overall business had increased by 30 basis points on a year-on-year basis, attributed to softening raw material prices and improved performance of the advanced materials business.

The total expenses in the quarter under review were Rs 1,774.36 crore, down 20.58 per cent compared to the year-ago period.

The revenue generated from textiles in the June quarter was Rs 1,418.11 crore, while that from advanced materials stood at Rs 341.96 crore. The company stated that advanced materials had seen a growth of 22.4 per cent on a year-on-year basis, driven by both volume growth and better realisation.

The total income in the quarter experienced a decline of 20.98 per cent to Rs 1,865.13 crore.

Arvind, known for being one of the largest textile companies in India, serves as an end-to-end supply chain partner to the world’s leading fashion brands.