ARVIND LTD REPORTS PROFITS

India News

ARVIND LTD REPORTS PROFITS


November 14, 2017



Textile and apparel player Arvind Ltd reported a consolidated net 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.