Textiles major, Arvind Limited has posted a 176 per cent growth in the consolidated net profits for the first quarter ended June 30, 2011 at Rs 61 crore as against Rs 22 crore registered in the corresponding period last year.
The company attributed the growth in profits to a rise in revenues coupled by improvement in operating margins in both textiles, brands and retail businesses.
In a statement issued on Thursday, the company informed that its revenues for the quarter rose by 39 per cent at Rs 1,200 crore against Rs 863 crore in the corresponding period of the previous year.
"The growth across all the product segments is led by growth in domestic market on the back of strong B2C business model which Arvind has created. With fall in cotton prices, the demand for fabrics, which has been sluggish for past few months, will increase," said Jayesh Shah, director and chief financial officer of Arvind Limited.
Arvind's stand-alone revenues for the quarter jumped by 42 per cent at Rs 822 crore as against Rs 578 crore last year.
"We believe that Arvind is well poised to achieve 15-20 per cent revenue growth during the current year and also to maintain the operating margins," said Shah.
