AHMEDABAD: Despite high inflation and near record-high cotton prices, homegrown textile conglomerate, Arvind Limited posted a 79.7% rise in its consolidated net profit for the second quarter of 2022-23 as compared to the corresponding quarter in the year-ago period. Backed by increased demand for its woven and knit products just ahead of the festive season, Arvind Limited posted Rs 125 crore of net profit during the quarter of FY 23 against Rs 70 crore in the corresponding quarter.
The Ahmedabad-headquartered textile conglomerate supplies cloth for a slew of international apparel brands including Calvin Klein, Ed Hardy, Gap and Tommy Hilfiger, among others. Its quarterly revenue from operations stood at Rs 2,170 crore. While its revenues from woven and knitted products stayed steady, its advanced materials business continued to grow. However, its volumes in the Denim segment continued to remain under pressure.
“Consumer confidence continues to go down in key western markets. Commentaries issued by key brands in Aug/Sep indicate a weaker outlook for demand. In fact, many of our export customers have postponed or reduced demand accordingly,” the company said in its investor presentation, while explaining the quarterly performance.
Arvind expects cotton input costs to soften ahead and said that the approaching wedding season could see domestic markets remaining strong.
The Ahmedabad-headquartered textile conglomerate supplies cloth for a slew of international apparel brands including Calvin Klein, Ed Hardy, Gap and Tommy Hilfiger, among others. Its quarterly revenue from operations stood at Rs 2,170 crore. While its revenues from woven and knitted products stayed steady, its advanced materials business continued to grow. However, its volumes in the Denim segment continued to remain under pressure.
“Consumer confidence continues to go down in key western markets. Commentaries issued by key brands in Aug/Sep indicate a weaker outlook for demand. In fact, many of our export customers have postponed or reduced demand accordingly,” the company said in its investor presentation, while explaining the quarterly performance.
Arvind expects cotton input costs to soften ahead and said that the approaching wedding season could see domestic markets remaining strong.
