Comments
Textiles major Arvind Ltd will raise up to ₹200 crore through the non-convertible debentures (NCDs), the company informed on Thursday.
At its meeting held on Thursday, the textile major’s board of directors have approved the “issue of Non-Convertible Debentures up to ₹200 crore, in one or more tranches, on private-placement basis,” the company said in a regulatory filing.
The board of directors also approved its financial results for the quarter and financial year ended March 31, 2023.
Financial results
On a standalone basis, Arvind Ltd has recorded net profit of ₹49 crore for the fourth quarter, as against net loss of ₹97 crore a year ago. Standalone revenues from operations stood at ₹1,707 crore, down 7.5 per cent as against ₹1,846 crore recorded in the same quarter last year. The company turned to profit as its total expenses reduced to ₹1,631 crore, 13 per cent down from ₹1,876 crore in the corresponding quarter a year ago.
For the full year, the company posted standalone net profit of ₹346 crore, versus ₹59 crore, with a staggering 5x growth or 486 per cent year on year. This was due to the exceptional items of ₹241 crore recorded last year as provisioning for impairment of investments and loss/loan on sale of investments etc. The company’s annual revenues increased 4 per cent to ₹7,723 crore, as against ₹7,436 crore a year ago. The company’s expenses stood at ₹7,388 crore as against ₹7,035 crore a year ago.
Notably, the board of directors has recommended the final dividend of ₹3.75 per equity share and a one-time special dividend of ₹2 per equity share — totalling ₹5.75 per equity share — of the face value of ₹10 each for the financial year ended March 31, 2023.
Quarterly performance
On a consolidated basis, Arvind Ltd posted net profit of ₹97 crore for the quarter ended March 31, 2023, as against ₹86 crore in the corresponding quarter a year ago. Revenues from operations stood at ₹1,881 crore, down 14 per cent from ₹2,197 crore a year ago.
For the fiscal 2022-23, the company’s net profit stood at ₹413 crore, up 71 per cent as against ₹242 crore last year. Revenues were ₹8,382 crore for the fiscal, up from ₹8,010 crore a year ago.
On consolidated segment revenues, Arvind Ltd’s textiles division posted revenues of ₹6,716 crore for 2022-23, up 1 per cent from ₹6,644 crore last year, whereas the revenues from advanced materials segment grew 22 per cent to ₹1,251 crore, up from ₹1,026 crore last year.
Arvind Ltd shares traded at ₹111.70 on the BSE with marginal loss of 0.58 per cent on Thursday.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.