Leading textile manufacturer Arvind Ltd reported an increase of 79.07 percent in its consolidated net profit of Rs 125.02 crore for the September quarter helped by gains from exceptional items. The company had posted a net profit of Rs 69.58 crore in the year-ago period, it said in a regulatory filing.
Its revenue from operations was up 2.93 percent at Rs 2,169.81 crore compared to Rs 2,107.97 crore in the corresponding period of the previous fiscal. "Profit After Tax from continuing business and before the exceptional item was Rs 85 crore. Accounting for one-time items, PAT was reported at Rs 125 crore," Arvind said in its earning statement.
Arvind had a gain of Rs 40.52 crore from exceptional items, which includes profit on the sale of a subsidiary and provision from the value of land in Gujarat. Its total expenses were at Rs 2,072.45 crore, up 3.50 percent in the September quarter of FY23 against Rs 2,002.31 crore a year ago.
Its revenue from textiles was up 1.88 percent at Rs 1,758.98 crore from Rs 1,726.49 crore in the July-September period of the last year. Revenue from Advance Materials rose 5.07 percent to Rs 313.43 crore in the second quarter of FY 2022-23 over Rs 298.28 crore.
"Overall textile revenues grew by 3 percent as Woven and Knits volumes held steady. Higher price realization helped hold unit margins, though it suffered in percentage terms. Advanced Materials clocked 5 percent growth for the quarter, though on H1 basis revenues were up 21 percent as many orders have spilled over from Q1 to Q2 in the previous year," it said.