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Although its consolidated revenue increased by 6%, leading integrated textile and branded apparel player Arvind Ltd’s net profit declined by 33% in the first quarter of 2015-16, ended June 30, 2015, as compared to the corresponding period last fiscal.
The company informed on Thursday that it recorded growth in consolidated revenue by 6% at Rs. 1877 crores (Rs.1773 crores). However, Profit After Tax (before exceptional items) fell by 33% to Rs. 61 crores (Rs. 91 crores) on account of higher tax provision.
PAT, after providing for exceptional items amounting to Rs.3 crores for the compensation of retrenchment of workers, was Rs. 58 crores, Jayesh Shah, Director and Chief Financial Officer, said in a statement here.
He said the company’s performance for the said quarter was in line with its expectations of high growth in brands and retail business with movement towards profitability and steady growth in textiles business with improvement in bottom-line.
“Our brands and retail business showed a strong growth of 14%. For the full year, revenue growth is likely to be between 14-15 % with improvements in margins in our brands and retail segment".
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