Arvind Limited, one of largest textile companies in India also engaged in apparel retailing, has reported a 62% jump in revenues to Rs. 2,115 crore in the second quarter (Q2) of FY22 compared to the revenue of Rs. 1,305 crore in the corresponding period of prior fiscal.
For the quarter ended on September 30, 2021, profit surged to Rs.70 crore (Q2 FY21: ₹1 crore).
EBIDTA (earnings before interest, taxes, depreciation, and amortisation) increased 74%during Q2 to Rs. 212 crore (₹122 crore). Fabric volumes recovered sharply during the reported quarter and surpassed pre-covid levels, while garment volumes also continued to improve steadily, according to the company.
Categorically, sales from textile business expanded to Rs. 1,711 crore (₹1,017 crore) with denim volumes reaching 25 million metres and contributing Rs. 552 crore (₹335 crore), while wovens clocked 31 million metres with sales reaching Rs. 604 crore (₹288 crore) in Q2 FY22.
Furthermore, advanced material’s sales soared 60% to Rs. 297 crore due to strong demand across all segments – human protection, industrial belts and filters, composites.
Arvind Fashion said that the export customers have already preponed ordering for summer 22 and brands continue to project strong momentum, while domestic market is also likely to stay strong post festival buying.
The textile manufacturer expects sales to grow 40% in the third quarter over FY21, and 4 to 5% up sequentially.