Leading integrated textile, apparel, branded apparel and retail player Arvind Ltd has reported a net loss of Rs 330 million for the quarter ended December 31, 2008 as against profit of Rs 60 million in the corresponding quarter of the previous financial year primarily due to loss on account of foreign exchange loss of Rs. 355 million.
The sales for the quarter are up by 11 per cent at Rs 5.91 billion as against Rs 5.34 billion in the corresponding quarter last financial year.
The company incurred a net loss of Rs 330 million for the quarter as against profit of Rs 60 million in the corresponding quarter of previous financial year.
Commenting on the results, Jayesh Shah, chief financial officer and director, said, “Under the most challenging global scenario, the company has shown substantial improvement in the operations leading to higher operating profits. Since most of the hedge covers for exports for the current year have matured by the end of December 2008, the company, do not see any major impact on this account in coming quarters. Although the depreciation in rupee, sharp reduction in energy cost coupled with reduction in other inputs cost and continued improvement in operation augurs well for the company, we would like to maintain cautious outlook for next 12 months on account of global meltdown which is affecting the retail sales of textiles in all the major consuming markets.”
— IndiaRetailing Bureau