Arvind Ltd Q3 profit up 8% to Rs 94 cr

New Delhi: Leading textile manufacturer Arvind Ltd on Tuesday reported an 8.41 per cent increase in consolidated net profit of Rs 94.32 crore for the third quarter ended December 2023.

The company had logged a net profit of Rs 87 crore during the October-December period a year ago, Arvind said in a regulatory filing.

However, revenue from operations was down 4.62 per cent at Rs 1,888.24 crore during the quarter as against Rs 1,979.79 crore in the corresponding period of the previous fiscal.

"Q3 FY24 revenue was impacted by price deflation," the company said.

Total expenses were down 6.42 per cent to Rs 1,777.31 crore.

The company said revenue from the textiles segment, which includes fabrics, garments and fabric retail, was at Rs 1,425.50 crore.

Revenue from 'Advance Material', which includes human protection fabric & garments, industrial products, advanced composites and automotive fabrics, was at Rs 344.59 crore in the December quarter of 2023-24.

Revenue from other segments, which include business as e-commerce was at Rs 138.61 crore.

Total income in the quarter was down 4.74 per cent to Rs 1,897.65 crore.

In a separate filing, Arvind said its board in a meeting held on Tuesday approved the re-appointment of Arpit Patel as an independent director and the appointment of Nigam Shah as Chief Financial Officer of the company.

Arvind Ltd is one of the largest textile companies in India and is an end-to-end supply chain partner to the world’s leading fashion brands.

Shares of Arvind Ltd were trading at Rs 313.70 apiece on BSE, down 0.13 per cent from the previous close.