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Shares of Textiles manufacturer Arvind rose as much as 6.26 per cent to hit a fresh record high Rs 353, on Tuesday.
The rise came on the back of the company's March quarter results (Q4FY24). Arvind’s consolidated profit rose 7.32 per cent to Rs 104.4 crore in the fourth quarter ended March 31, 2024. The company had reported a net profit of Rs 97.3 crore in the same quarter a year ago.
For the fiscal ended March 31, 2024 net profit stood at Rs 352.6 crore, as against Rs 413.1 crore in FY23.
Arvind's topline grew 8.7 per cent year-on-year (Y-o-Y) to Rs 2,074.5 crore in Q4FY24, compared to Rs 1,880.7 crore in the corresponding period of the previous fiscal year.
However, the topline growth for the full fiscal year decreased to Rs 7,737.7 crore from Rs 8,382.4 crore in FY23.
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The company's board of directors proposed a final dividend of Rs 3.75 per equity share along with a one-time special dividend of Re 1 per equity share, totalling Rs 4.75 per equity share for FY24.
In terms of management changes, Sanjay Lalbhai was redesignated as 'Chairman' from 'Chairman and Managing Director', while Punit Lalbhai and Kulin Lalbhai were designated as Vice Chairmen. Additionally, Susheel Kaul was appointed as the Managing Director & President (Textiles) effective from May 6, 2024, and Jayesh Shah was re-appointed as Whole-time Director & Group Chief Financial Officer.
The stock has climbed 12 per cent in the last month. The 52-week low of Arvind is Rs 105. The market capitalisation of the company is Rs 9.136.1 crore, according to Bombay Stock Exchange (BSE).
At 1:20 AM, Arvind shares were trading 4.70 per cent higher at Rs 347.80 per share. By comparison, S&P BSE Sensex was down 0.71 per cent at 73,370.30 levels.
