Textile and apparel
player Arvind Ltd
profit of Rs 64.50 crore for the
quarter ended September 30. The company had posted a net
profit of Rs 76.65 crore during the same period previous
fiscal, Arvind Ltd said in a stock exchange filing. The company
said effective April 1, 2017, it has consolidated Tommy
Hilfiger Arvind Fashion and Calvin Klein Arvind Fashion as
subsidiaries and therefore the second quarter results are not
comparable. Total income during the quarter under review
stood at Rs 2,654.03 crore. It was Rs 2,353.22 crore during
the same period of 2016-17.
The company also announced that it will carve out branded apparel and engineering businesses into separate listed firms as India's largest denim maker looks to unlock value from its fastest-growing lifestyle division that contributes more than a third of its revenue. The board approved to transfer the apparel business to Arvind Fashions Ltd. and move the engineering division to Anveshan Heavy Engineering Ltd. Arvind Fashions and Anveshan will issue new stock to Arvind shareholders, and won't pay any cash to either the parent or investors.