Q1 Results: Exiting Four Brands Hurt Financials, Says Arvind Fashions
Arvind Fashions Ltd.’s decision to exit four brands from its portfolio has hurt the company’s results in the quarter ended June, according to Executive Director Kulin Lalbhai.
There was a one-time write off worth Rs 68 crore as the company discontinued four brands and that led to a loss in the first quarter, Lalbhai told BloombergQuint in an interview. The company also made a “one-time correction” in its distribution channel, which is a “large impact”, he said.
Lalbhai, however, expects the company’s trade channel to normalise by the second half of the year.
Key Earnings Highlights:
- The loss stood at Rs 95.36 crore in the April-June period.
- Revenue from operations stood at Rs 900.94 crore.
- Ebitda stood at Rs 19.8 crore.
- Margin stood at 2.2 percent.
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