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Arvind Mills net Rs 11 crore profit for second quarter

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Integrated textile player Arvind Mills Limited have announced their financial results for the quarter ended September 30, 2007.

Sales for the quarter is up by 14 per cent at Rs 564 crore, as against Rs 493 crore in the corresponding quarter last financial year. Profit before tax stands at Rs 11 crore as against Rs 5 crore in the same quarter last year, marking a jump of 117 per cent.

Even though the fabric and garment business of the company is under pressure due to the rising rupee and the increasing cotton cost, the marketing efforts have ensured better earnings. Nevertheless, the pressure on earnings will increase as cotton cost is likely to go up in the coming quarters.

The branded apparel and retail business of the company has returned yet another quarter of solid performance. The like-to-like sale of the company grew by 36 per cent and the company has returned a positive EBIDTA during the quarter. The company also announced the licensing arrangement for US Polo Association and Cherokee.

Commenting on the results, Chief Financial Officer and Director Jayesh Shah said, “On the one hand, the company is facing challenges posed by macro economic factors in its fabrics and garment business; and on the other hand, the branded apparel and retail business is growing from strength to strength. The marketing and operational efforts are likely to yield better results in the second half of the current financial year.”

– Mumbai Bureau

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