India based textile company Arvind Limited has announced the second quarter financial results. During the quarter, the company witnessed a 16 percent improvement in its revenue to Rs. 75 crore as against Rs. 65 crore in the corresponding period of the last year.
The textile company’s earnings for the quarter increased by 13 percent to Rs. 1,816 crore as against Rs. 1,609 crore in the second quarter of the previous fiscal. A 12 percent surge in expenses was also recorded at Rs. 1,723 crore compared Rs. 1,540 crore.
Notably, garment business remained the money spinning segment for the company, which now expects its apparel business to grow 20 percent in the second half of the fiscal.
In another development, India’s National Company Law Tribunal (NCLT) has approved the proposal to separate the branded apparel and engineering businesses of Arvind Limited into Arvind Fashions and Anveshan Heavy Engineering.
The company has expansion plans ready for its textile business and will be investing Rs. 500 crorw every year over the next 5 years.