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Wednesday, May 01, 2002

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Corporate Results - Readymade Garments

Arvind posts Rs 10-cr net; interest cost down 60 pc

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ARVIND Mills Ltd (AML) has posted a net profit of Rs 10.05 crore for the quarter ended March 31, 2002 (the company has extended its fiscal to 18 months).

This is against a net loss of Rs 96.29 crore last year.

After having successfully implemented debt restructuring programme, AML saw its interest cost fall by a whopping 60 per cent from that in the corresponding period last year.

``We are delighted that after a gap of more than three years, we have recorded a profit. This is the result of two factors - improvement in operating performance and successful completion of the debt restructuring plan,'' Mr Sanjay Lalbhai, Managing Director, AML, said.

The improved performance came even as sales and operating income of the company showed only a marginal growth of 9 per cent at Rs 339.34 crore, from Rs 310.75 crore in the previous year.

Meanwhile, the operating profit rose to Rs 79.66 crore, up 161 per cent from Rs 30.5 crore in the last quarter of the previous fiscal.

``Interest and finance cost during the quarter was at Rs 32.47 crore, reflecting a 60-per cent reduction as compared to Rs 81.49 crore in the quarter ended 2000-01. This allowed us to book a one-time gain of over Rs 400 crore on account of the debt buyback, an annual reduction in interest costs of almost Rs 150 crore and a comfortable debt-equity ratio of 1:1.2,'' Mr Jayesh Shah, Chief Financial Officer of the company, said.

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