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Arvind posts Rs 59 crore PAT in Q3FY19

In the third quarter of 2019, Arvind Ltd, one of the largest companies of India, has posted Rs 59 crore profit after tax (PAT), a plunge of 23 per cent as compared to Rs 77 crore in the corresponding quarter of the previous year. The revenue was recorded at Rs 1680 crore as against Rs 1691 crore in the third quarter of 2018, a drop of 1 per cent year-on-year.

In view of NCLT having approved the scheme of demerger for the Branded Apparels and Engineering Businesses, the reported financial statements reflect figures for continuing businesses only. PBT and PAT of discontinued businesses for current quarter contain only branded apparel segment for about two months ending Nov 29, 2018.

Denim volumes decreased by 5 million metres largely on account of weak offtake by a few international customers leading to overall reduction in revenue by 7 per cent. This was offset by 32 per cent increase in revenue of Advanced Materials Business. For the reported period,textile EBIDTA margin reduced to 10.5 per cent from 14 per cent due to lower sales.

In 2018, the company expects overall growth of about 5 per cent in revenue and improvement in overall profitability with textile volumes normalising in the fourth quarter. 

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