Arvind group's infrastructure arm, Arvind Infrastructure Ltd, on Wednesday posted a standalone net profit of Rs 2.29 crore for the quarter ended September 2016 as against a net loss of Rs 0.24 crore in the same quarter last year.

Net sales for the quarter increased to Rs 23 crore as against Rs 8 crore in the same period last year.

For the half-year period, the company reported a sharp increase in net profit to Rs 5.35 crore for the period under review as against Rs 0.01 crore in the same period last year.

On a consolidated basis, the company posted net profit of Rs 2.26 crore for the quarter as against net loss of Rs 0.30 crore in the corresponding period last year. Net sales increased from Rs 8 crore to Rs 23 crore for the period under review.

For the half-year, the company posted consolidated net profit of Rs 5.27 crore as against a net loss of Rs 0.08 crore. Consolidated net sales for the six-month period stood at Rs 45 crore as against Rs 18 crore last year.

Kamal Singal, Managing Director & CEO said, “The performance of the company for the second quarter of the year is along expected lines as the real estate market is still in slow recovery mode. A change in monetary policy resulted in the reduction of interest rates, lower inflation, pay hike granted under the 7th Pay Commission and other initiatives by the government including GST and RERA, are some of the positives that have happened to the industry in the recent past and its positive impact is expected to be felt in the next few quarters."

Arvind Infrastructure shares traded negative on the National Stock Exchange (NSE) at Rs 94, down by over 2 per cent from its previous close.

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