Arvind Ltd: Arvind Q2 FY18 revenue soars 13% to Rs 2,628 crore
Arvind
Limited, one of the largest integrated textile and branded apparel players, has recorded consolidated
revenue of Rs 2,628 crore for the second quarter of 2018. The company has
registered growth of 13 per cent over the corresponding quarter of previous
year despite a challenging market due to the implementation of goods and
services tax (GST).
For the reported period, the company''s consolidated EBIDTA declined 9 per cent
to Rs 212 crore from Rs 232 crore in the corresponding period for the last
year, primarily due to revenue challenges in domestic market and higher cotton prices
on y-o-y basis. Profit after tax before exceptional items was also down 15 per
cent to Rs 66 crore as compared to Rs 77 crore in the corresponding quarter of
the previous year, the company said in a stock exchange filing. Profit after
tax after exceptional items, which consisted of retrenchment compensation, was
Rs 62 crore, down 14 per cent lower, as compared to Rs 71 crore in
corresponding quarter in previous financial year.
"The second quarter turned out to be another challenging quarter for the
industry with GST implementation impacting our domestic textile business. Even
the consumer facing brands business was impacted in month of July as both the
wholesale and retail channels were under pressure. However, brands business saw
strong performance in August and September leading to good growth overall.
Going forward, we expect transitionary impact of GST to settle down and we
expect revenue growth to return to normalcy," Jayesh Shah, director and
chief financial officer said.
Thursday, 09 November 2017