Textiles giant Arvind Ltd. reported a consolidated net loss of Rs. 5.86 crore for the second quarter of the current financial year, ended on 30 September, as compared to a profit of Rs. 46.68 crore posted for the same period last year.
According to the company’s BSE filings, the total income for the second quarter stood at Rs. 1,318.95 crore, below last year’s figures of Rs. 1,973.90 crore for the same quarter.
Arvind Ltd. said that the plunge in profits for the current quarter and half year comes as a result of lockdown during the Covid pandemic.
Revenue from operations and profitability have decreased due to market volatility, and therefore ‘are not comparable to previous corresponding period results’.
Shares of Arvind Ltd. were trading 0.29 per cent lower at Rs. 34 per share on the Bombay Stock Exchange after the news released on Thursday.
Arvind Ltd. boasts of a diverse portfolio of brands such as Arrow, Flying Machine, Hanes, Sephora, Calvin Klein, Aeropostle, Gant, Nautica and U.S. Polo.
The textile manufacturer, based in Gujarat, is the flagship company of its parent Lalbhai Group. Sanjay Lalbhai serves as the current chairman and managing director.
