Leading textile manufacturer Arvind Ltd on Monday reported a consolidated net profit of Rs 101.62 crore for the first quarter that ended on June 30, 2022.
The company had posted a net loss of Rs 11.42 crore during the April-June quarter of the previous fiscal, Arvind said in a regulatory filing.
Its revenue from operations was at Rs 2,352.12 crore, up 63.93 per cent compared to Rs 1,434.79 crore in the corresponding period of the previous fiscal.
Arvind’s total expenses were at Rs 2,234.68 crore, up 55.75 per cent in Q2/FY 2022-23 against Rs 1,434.72 crore a year ago.
Its revenue from textiles was up 68.12 per cent to Rs 1,976.28 crore against Rs 1,175.46 crore in the corresponding period of the last year.
Margins in the textiles segment “continued to be under pressure as input costs remained high and increase in unit price realizations helped offset only the cost increases,” said Arvind Ltd in an earning statement.
Revenue from Advance Material was at Rs 279.57 crore, up 44.72 per cent in Q2/FY 2022-23 against Rs 193.17 crore, resulting from both volume growth as well as increased pricing.
“Arvind continued to deliver on its stated objective of reducing Long Term debt, and reduced it by Rs 56 crores during this quarter. Arvind Limited closed the quarter at a net debt of Rs 1,809 crore,” it said.
Meanwhile, in a separate filing, Arvind informed its board at its meeting held on Monday appointment Ismet Khambatta as an Additional Director for five years, subject to the approval of members of the company.
Shares of Arvind Ltd were trading at Rs 100 on BSE, up 8.28 per cent from the previous close.
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