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MUMBAI: High cotton prices, an appreciating rupee and a marginal drop in sales of denim fabrics have impacted the performance of Arvind Mills Ltd.

Net profit for the quarter ended March 31, 2004, was Rs 25.16 crore over Rs 38.01 crore in the corresponding previous quarter. Revenues stood at Rs 359 crore (Rs 399 crore).

Net profit for the year ended March 31, 2004, fell to Rs 97 crore against Rs 129 crore in the year-ago period. It reported revenues of Rs 1,447 crore (Rs 1,491 crore). Last year, denim volumes fell to 79 million meters compared to 90 million meters for the previous year.

Mr Jayesh Shah, Chief Financial Officer and Director, said, "The company's performance was adversely affected due to the drop in denim volumes and higher prices of cotton and naphtha. Realisations also came under pressure due to the falling rupee. We are confident that the ongoing verticalisation strategy entailing garments will hold the company in good stead in terms of both revenue diversifications and value addition."

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