Textile and apparel player Arvind Ltd has reported a consolidated net profit of Rs 64.50 crore for the quarter ended September 30.
The company had posted a net profit of Rs 76.65 crore during the same period previous fiscal, Arvind Ltd said in a stock exchange filing.
The company said effective April 1, 2017, it has consolidated Tommy Hilfiger Arvind Fashion and Calvin Klein Arvind Fashion as subsidiaries and therefore the second quarter results are not comparable.
Total income during the quarter under review stood at Rs 2,654.03 crore. It was Rs 2,353.22 crore during the same period of 2016-17.
“The second quarter turned out to be another challenging quarter for the industry with GST implementation impacting our domestic textile business,” Arvind Ltd Director and CFO Jaayesh Shah was quoted by news agency PTI as saying.
On the outlook, he told PTI that the company expects the transitionary impact of GST to settle down and revenue growth to return to normalcy.
The stock was trading 5.14 per cent down at Rs 431.55 on BSE around 12.50 pm (IST).
The company expects the transitionary impact of GST to settle down and revenue growth to return to normalcy
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