Textile major Arvind reports profit of Rs 66.71 crore for March quarter

Textile major Arvind Ltd Friday reported a consolidated profit of Rs 66.71 crore for the quarter ended March 31, 2019.

The company had posted a profit of Rs 115.47 crore crore in the same quarter of 2017-18.

Total income in the reported quarter stood at Rs 1,879.03 crore. It was at Rs 1,863.03 crore in the year-ago period, the company said in a BSE filing.

The results are not comparable with the previous year's period beacuse of demerger of branded apparel undertaking of the company to Arvind Fashions Ltd with effect from November 30, 2018 (the appointed date), it said.

"To the extent current quarter ended on March 31, 2019, year ended March 31, 2019 and quarter ended on December 31, 2018 are not comparable with previous periods presented," the company said.

Giving future growth outlook, the company said it expects 7-8 per cent topline growth over the year, which will mostly be realized in the second half of the current fiscal.

The company's board has recommended a dividend of Rs 2 per equity share for the year ended on March 31, 2019.

The board also reappointed Jayesh K Shah as director and group chief financial officer of the company for a period of five years from October 1, 2019, subject to approval by the members in general meeting.

The board also approved issue of non-convertible debentures (NCDs) of up to Rs 300 crore on private placement basis to meet general corporate purposes, including capital expenditure, augmenting long term working capital and refinancing existing loans.

Shares of Arvind Ltd Friday closed 2.63 per cent higher at Rs 74.05 apiece on the BSE.