Arvind Ltd: Arvind Q2 FY18 revenue soars 13% to Rs 2,628 crore

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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

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