Textile and apparel player Arvind Ltd reported a consolidated net profit of Rs 64.50 crore for the quarter ended September 30. The company had posted a net profit of Rs 76.65 crore during the same period previous fiscal. The company said effective April 1, 2017, it has consolidated Tommy Hilfiger Arvind Fashion and Calvin Klein Arvind Fashion as subsidiaries and therefore the second quarter results are not comparable.
Total income during the quarter under review stood at Rs 2,654.03 crore. It was Rs 2,353.22 crore during the same period of 2016-17.
“Second quarter turned out to be another challenging quarter for industry with GST implementation impacting our domestic textile,†Jaayesh Shah, Director and CFO, Arvind Ltd said. On the outlook, he said the company expects the transitionary impact of GST to settle down and revenue growth to return to normalcy.