Continuing its growth streak even in the first quarter ended June 30, 2013 for fiscal 2013-14, Arvind Limited, one of the largest integrated textile and branded apparel player recorded a standalone net profit growth of 75% over the corresponding period last year.
As against a standalone net profit of Rs 45.46 crore for Q1 of previous fiscal, the company earned a standalone net profit of Rs 79.35 crore for the quarter ended June 30, 2013. The company's standalone revenue at Rs 1,093.27 crore for Q1 of FY14, grew by 28.30% over last year's Rs 852.07 crore.
On the consolidated basis, Arvind Ltd saw its net profit jump by 108.25% at Rs 67.62 crore for Q1 FY14 as compared to Rs 32.47 crore of corresponding period last year. In terms of revenue, Arvind's Rs 1,490.53 crore for the current quarter grew by 28.82% from Rs 1,156.63 crore of corresponding quarter last year.
However, according to the company, the figures are not strictly comparable with the first quarter of last year due to losses incurred by Arvind Ltd resulting out of labour strike.
"Due to labour strike in the first quarter of previous fiscal, we had incurred losses in revenue and net profit of Rs 95 crore and Rs 35 crore, respectively. If we adjust those figures otherwise, the growth in revenue and net profit after tax would stand at 19% and 21%, respectively," said Jayesh Shah, director and chief financial officer of Arvind Limited.
Segment-wise, Arvind saw almost all of its segment grow during the said quarter.
"Every product category registered volume and price growth leading to strong revenue growth in the textiles segment. Our brands and Mega Mart Retail business registered growth of 34% in a very difficult market conditions. We are hopeful that we will achieve over 20% growth this year," said Shah.
