Arvind Ltd on Tuesday posted its second quarter earnings for the financial year 2023-24 with profit at Rs 80.01 crore, down 36 per cent as against Rs 125.02 crore during the same period last year. It posted revenue from operations at Rs 1,921.73 crore, down 11.4 per cent in comparison to Rs 2,169.81 crore during the second quarter of FY23. The company EBITDA stood at Rs 206 crore, up 2 per cent on-year. Arvind Ltd stated that both its textiles and AMD segments delivered improved margins at 11 per cent and 15.7 per cent respectively and all businesses delivered healthy volumes during the quarter.
While the total income recorded by Arvind Ltd during the quarter was at Rs 1,933.46 crore, the company incurred total expenditure of Rs 1,821.72 crore during Q2.
Arvind Ltd’s Textiles business posted Q2 revenue at Rs 1,455.32 crore and the Advanced Materials business delivered healthy revenue of Rs 354.49 crore and highest ever EBITDA of Rs 55.6 crore for the quarter, translating into an EBITDA margin of 15.7 per cent.
During the first half of the year, Arvind’s 46MW hybrid wind-solar project went live, which took Arvind’s total share of renewable energy consumption to 47 per cent and helped reduce 110,000 tCo2 emissions per annum. This has further strengthened its industry leading credentials in environmental sustainability. During the quarter, Arvind also became a signatory to United Nations Global Compact (UNCG), the ambitious corporate sustainability program of UN.