Textile and apparel player Arvind Ltd today reported 22.55 per cent drop in consolidated net profit at Rs 56.75 crore in the quarter ended June 30.
The company had posted a net profit of Rs 73.28 crore in the corresponding period of last year.
Its total income during the quarter under review went up by 17.47 per cent to Rs 2,491.32 crore from Rs 2,120.76 crore a year ago, Arvind Ltd said in a BSE filing.
"First quarter was a challenging quarter with GST implementation impacting demand in June ... Going forward, we believe GST will continue to have an impact on demand in the next few months as the wholesale (channel) adjusts to the new tax regime," Arvind Director and CFO Jayesh Shah said.
Shares of the company closed 0.55 per cent up at Rs 364.55 apiece on BSE.
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