India-based Arvind Limited, one of the largest integrated textile and branded apparel players, has announced results for its third quarter. In the period under review, the manufacturer noted 16.40 per cent decline in consolidated net profit to Rs. 75.62 crore despite the fact that its total income in this quarter went up by 14.83 per cent to Rs. 2,335.46 crore from Rs. 2,033.78 crore a year ago.
Demonetization is seen as the biggest factor behind this decline. The company had posted a net profit of Rs. 90.46 crore in the corresponding period last year.
“The performance was good in light of the severe impact on the consumption experience due to demonetization… We believe that revenue and profitability should return to normal levels during the current quarter,” said Jayesh Shah, Director and Chief Financial Officer, Arvind Ltd.
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Arvind Limited, earlier known as Arvind Mills, is known for manufacturing cotton shirting, denim, knits and bottom weight (khaki) fabrics. It has also recently ventured into technical textiles.