Textiles and apparel major Arvind Ltd today reported a marginal decline of 0.92 per cent in consolidated net profit to Rs 96.92 crore for the fourth quarter ended March, on account of higher expenses. The company had posted a net profit of Rs 97.82 crore for the same period of previous fiscal. Its total income during the period under review stood at Rs 2,493.19 crore as against Rs 2,251.87 crore in the year-ago quarter, up 10.71 per cent, Arvind Ltd said in a BSE filing. Arvind Ltd’s expenses in the fourth quarter of 2016-17 were at Rs 2,375.41 crore, up 11.56 per cent as compared to Rs 2,129.13 crore in the corresponding period of last year.
Commenting on the performance, Arvind Ltd Director and Chief Financial Officer Jayesh Shah said: “In the context of demonetisation and sharp increase in cotton prices as well as appreciation of rupee, our performance is quite satisfactory.” He further said: “We will continue to have a double digit growth in the current financial year led by robust growth in our brand and retail business”.
In a separate filing, Arvind Ltd said it plans to raise up to Rs 500 crore through issuance of non-convertible debentures on a private placement basis. The Board of Directors of the company have recommended a dividend of Rs 2.40 per equity share for the year ended on March 31, 2017. Shares of the company ended 3.11 per cent down at Rs 407.65 on BSE.