Indian apparel and textile major Arvind Limited has released financial results for the third quarter ended December 30, 2017.
During the reporting period, the textile manufacturer’s consolidated revenue increased by 16 per cent to Rs. 2,706 crores as compared to the corresponding period of 2016.
Additionally, the company’s consolidated Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) increased by 5 per cent to Rs. 248 crores against Rs. 236 crores in the same quarter of 2016.
Profit After Tax Before Exceptional Items for Arvind jumped 14 per cent to Rs. 90 crores from what it was at Rs. 78 crores in the same quarter of fiscal 2016. Meanwhile, Profit After Tax After Exceptional Items increased from Rs. 76 crores in the third quarter of 2016 to Rs. 79 crores in the reporting quarter of the current fiscal.
“We reported an affirmative result during the third quarter. During this period, our business reported an improvement despite a reduction in duty drawback rates and other export incentives,” Jayesh Shah, Director & Chief Financial Officer at Arvind Limited was quoted as saying.
The increase in revenue has come after a negative second quarter when the textile manufacturer’s consolidated net profit declined to Rs. 64.50 crores from Rs. 76.65 crores in the same period last year. The country’s leading denim manufacturer then held implementation of GST (Goods and Services Tax) responsible for the unfavourable results.
The conglomerate is now optimistic to continue the growth trend in the next quarter as well.
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