Arvind’s Net Profit Rises 32.9% But Falls Short of Street Estimate
Textile Firm Arvind’s First Quarter Earnings Miss Street Estimates.
Arvind Ltd.’s first quarter net profit rose 32.9 percent to Rs 73.36 crore compared to the same quarter last year, according to the company’s filing on the exchanges. This was below the Bloomberg consensus estimate of Rs 81.8 crore.
Total revenue rose to Rs 2,104 crore, down 17.8 percent from the same period last year. This was also slightly below analyst estimates of Rs 2,117.7 crore.
Margins on earnings before interest, tax, depreciation, and amortisation contracted to 11.4 percent from 12.4 percent year on year.
Commenting on the results, the company’s Chief Financial Officer Jayesh Shah said the textile and brands business delivered strong growth at 14 percent and 26 percent respectively. “Our established power brands consolidated their market positions. We are also excited about India’s first true Omni Channel experience - NNNow.com which we launched during the first quarter. NNNow.com redefines shopping for Indian consumers by linking online and offline retail shopping experience,” he added.
Shares rose 1.26 percent at Rs 297.35 as of 2:30 pm on the Bombay Stock Exchange.