HomeBusinessArvind Limited Q3 profit up 9%, revenues remain under pressure - Times...

Arvind Limited Q3 profit up 9%, revenues remain under pressure – Times of India


Homegrown textile conglomerate, Arvind Limited, on Tuesday announced a 9% increase in its consolidated net profit for the third quarter of FY 2024. The company’s profit stood at Rs 91.7 crore during the quarter, up Rs 84.12 crore in the corresponding quarter of FY 2023.
Even though volume growth continued, deflated prices continued to exert pressure on the company’s revenues.During the quarter, the textile major posted Rs 1,888.24 crore revenues during the quarter, down 4.6% as compared to Rs 1,979.79 crore during the corresponding quarter of FY 2023.
“Arvind Limited delivered a robust performance amid a continued challenging environment. Volumes clocked a healthy growth across most businesses, though deflated prices driven by lower input costs kept the revenue numbers muted. Textile Revenue stood at Rs 1,426 crore with an EBITDA of Rs 168 crore, translating into the EBITDA margin of 11.8%, which is the highest in the past twelve quarters,” the company said in a statement.
Weaker demand led to poor performance in the denim sector for Arvind Limited. Its revenues from denim manufacturing declined 17% from Rs 318 crore in the third quarter of FY 2023 to Rs 263 crore in the same quarter of FY 2024.
“The demand for denim remained low for Q3 due to the weak season. Seasonal downtrend in volumes and continuing reduction in realizations marked the quarter,” according to the company.
Arvind Limited’s share price stood at Rs 313.75 a piece on the BSE at 1.45pm on Tuesday.

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