Textiles firm Arvind Ltd today reported a 16.40 per cent decline in consolidated net profit to Rs 75.62 crore for third quarter of the current fiscal, on account of demonetisation and higher expense.
The company had posted a net profit of Rs 90.46 crore in the corresponding period last year.
Its total income from operations during the quarter under review, however, went up by 14.83 per cent to Rs 2,335.46 crore from Rs 2,033.78 crore a year ago, Arvind said in a BSE filing.
Arvind Ltd's expenses stood at Rs 2,172.87 crore, up 18.18 per cent, as compared to Rs 1,838.58 crore reported last fiscal.
"The performance...Was...Good in light of the severe impact on the consumption experience due to demonetisation... We believe that revenue and profitability should return to normal levels during the current quarter," Arvind Ltd Director and Chief Financial Officer Jayesh Shah said.
Meanwhile in a separate filing, the company informed BSE that its board in a meeting held today "approved" the scheme of merger of its cent per cent subsidiaries Arvind Brand & Retail Ltd, Arvind Garments Park Ltd and Dholka Textile Park Ltd with Arvind Ltd.
Shares of the company closed 1.79 per cent up at Rs 372.25 apiece on BSE.
Disclaimer: No Business Standard Journalist was involved in creation of this content
