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— Paul Noronha

Changing identity: Mr Sanjay Lalbhai, CMD, Arvind Ltd, at the unveiling of the company’s new logo in Mumbai on Monday.

Our Bureau

Mumbai, May 12 Textile major Arvind Mills Ltd has been renamed Arvind Ltd as part of a re-branding exercise and will sport a new logo.

“We foresee ample opportunity in brands and fabrics and will innovate the profitable portfolio by introducing functional, protective and performance fabrics. We will aim at a Rs 700-crore brand and retail portfolio by 2009-10 through multiple price points, retailing channels and formats, with a CAGR of 40 per cent,” said Mr Sanjay S. Lalbhai, Chairman and Managing Director.

The company plans to open five more Megamarts this year and aims to reach Rs 1,000 crore revenues in the next three years. The company’s three-pronged strategy includes penetrating tier-II and -III towns, launching large format stores and aggressively building portfolio of international private brands, he added.

The ratio of domestic to foreign business for the company is currently 50:50, which will become 65:35 in the next few years, said Mr Jayesh Shah, Chief Executive Officer.

“However, it doesn’t mean that the domestic business will decrease. The international business will grow too,” he said. According to Mr Lalbhai, the company plans to start a buying house soon.

The company posted a marginal decrease of 0.5 per cent in its net profit for the quarter ended March 31 at Rs 5.37 crore (Rs 5.3 crore).

Net sales increased by 36 per cent at Rs 658.3 crore (Rs 483 crore) for the same period.

Total income rose by 35 per cent at Rs 665 crore (Rs 491 crore).

The company’s scrip, on Monday, closed at Rs 51.3 up 2.7 per cent against the previous close of Rs 49.95.

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