Arvind Ltd Q1 Net dips 35.87% at Rs 58.04 cr

Textile major Arvind Ltd today reported 35.87 per cent decline in consolidated net profit at Rs 58.04 crore in the first quarter ended June 30, mainly on account of higher tax provisions.
The company posted a net profit of Rs 90.51 crore in the same quarter last fiscal.
Net sales went up 6.74 per cent to Rs 1,872.6 crore in the quarter under review as against net sales of Rs 1,754.3 crore in the year-ago period.
"The performance of the company for quarter ending June 30, 2015 is in line with our expectation, high growth in brands and retail business with movement towards profitability and steady growth in textiles business with improvement in bottom line," said Arvind Ltd Director and Chief Financial Officer Jayesh Shah.

The company's current tax in the June quarter stood at Rs 26.19 crore compared with Rs 11.39 crore in the corresponding period of 2014-15 fiscal.
Shares of Arvind Ltd were trading 0.55 per cent up at Rs 311.40 apiece on BSE.