Clothing Major Arvind Posts Q1 Loss At Rs 97 Cr As Sales Plunge
Textiles and clothing major Arvind Ltd on Monday posted a consolidated loss of Rs 97 crore in the April to June quarter as compared to a profit of Rs 24 crore in Q1 FY20.
Revenue from operations came down to Rs 599 crore from Rs 1,896 crore in the same period. The company said it expects to attain pre-COVID levels of performance in the next six to nine months.
Denim volumes recovered to about 70 per cent in July and export volumes have fully recovered while domestic markets are still lagging; Woven volumes recovered to 64 per cent in July and Arvind expects ramp-up in the third quarter.
It said monthly garment volumes recovered to about 60 per cent by June. Advanced materials monthly revenues and margins have fully recovered to pre-COVID levels.
The multi-pronged programme to meet the challenge resulted in long-term fixed cost reduction of 15 per cent while net borrowing is likely to return back to March-end levels by end of second quarter.
Arvind Ltd is the country's largest textile company with revenues of one billion dollars (about Rs 7,430 crore). The company is an end-to-end supply chain partner to the world's leading fashion brands.
Beginning 2011, it has brought in some of the biggest global fashion brands like Calvin Klein, Tommy Hilfiger, Gap, Ed Hardy, Hanes, Nautica and Elle to India.
(ANI)
