Arvind Q1 net surges two fold to Rs 61 cr

Textile and apparel maker Arvind Ltd today said its consolidated net profit surged over two-fold to Rs 61.05 crore for the first quarter ended June 30, 2011, over the same period previous fiscal.

The company had a net profit of Rs 22.10 crore in the same period previous financial year, Arvind Ltd said in a filing to the Bombay Stock Exchange (BSE).

Net sales of the company rose to Rs 1,180.17 crore for the June quarter, as compared to Rs 838.97 crore in the same period last financial year.

Commenting on the results, Arvind Ltd Director and Chief Financial Officer Jayesh Shah said: "The growth across all the product segments is led by the 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. We believe that Arvind is well poised to achieve 15 to 20% revenue growth during the current year and also to maintain the operating margins," Shah added.