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Our Bureau

Downturn in denim market affects growth

Mumbai , Oct. 31

Arvind Mills Ltd has posted a 85 per cent decrease in net profit at Rs 5.55 crore (Rs 37.19 crore) for the quarter ended September 30. Net sales are down 8 per cent to Rs 393.31 crore (Rs 428.04 crore).

The earnings drop reflected the downturn in the domestic denim market. The average selling price of denim is dropping while they are rising in the export markets, the company said in an official release.

The contribution of the garments segment has increased to 19 per cent of the turnover as compared to 11 per cent in the corresponding quarter previous financial year.

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