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Strike erodes Arvind's net

BS Reporter  |  Mumbai/ Ahmedabad 

Almost a month long strike at its denim fabric manufacturing plant at Naroda has taken a toll on Arvind Ltd.'s net profit for the first quarter of fiscal 2012-13. The company posted a 48 per cent dip in its net profit at Rs 32 crore, down from Rs 61 crore for the corresponding quarter in previous fiscal 2011-12.

Over 3,000 workers at Arvind's Naroda plant had gone on strike in the first of June till the end of fourth week of June, impacting its denim manufacturing operations, before resuming back to work on June 29.

Arvind Limited, one of the largest integrated textile and branded apparel players also saw a four per cent decline in its revenue for the first quarter of FY '13. As against Rs 1211 crore for the corresponding period of June 30, 2011, Arvind Ltd. recorded a revenue of Rs 1157 crore for the quarter ended on June 30, 2012. At the operating level, consolidated EBIDTA for the Quarter stood at Rs 129 crore.

First Published: Fri, July 27 2012. 00:36 IST