Higher expenses drag Arvind Q3 net down 16% to Rs 76 cr

Expenses up 18% at Rs 2,173 crore, total income from operations up 15% to Rs 2,335 crore

Textile firm Arvind Ltd today reported a 16.40 per cent decline in consolidated net profit to Rs 75.62 crore for the December quarter, on the account of higher expenses.

The company had posted a net profit of Rs 90.46 crore in the year-ago period.

Its total income from operations during the third quarter, however, went up by 14.83 per cent to Rs 2,335.46 crore from Rs 2,033.78 crore a year ago, Arvind said in a BSE filing.

Arvind Ltd's overall expenses stood at Rs 2,172.87 crore, up 18.18 per cent, as compared to Rs 1,838.58 crore reported a year ago.

"The performance...Was...Good in light of the severe impact on the consumption experience due to demonetisation... We believe that revenue and profitability should return to normal levels during the current quarter," Arvind Ltd Director and Chief Financial Officer Jayesh Shah said.

Shares of the company were trading 0.85 per cent up at Rs 368.80 on BSE.