Owing to challenging domestic markets, Arvind Limited saw its standalone net profit after exceptional items stand at Rs. 80.19 crore for the second quarter ended September 30, 2015. One of the largest integrated textile and branded apparel players, Arvind Limited had registered a Q2 net profit of Rs. 97.14 crore in the previous fiscal.
The standalone net income of the company rose to Rs. 1368.89 crore for second quarter of FY 2015-16, while the same stood at Rs. 1305.38 crore during the said period last year.
However, the results for the quarter were not strictly comparable with previous corresponding periods due to the scheme of arrangement between Arvind Limited and its wholly owned subsidiary Arvind Infrastructure Limited for demerger and transfer of Real Estate Undertaking to AIL sanctioned by the Gujarat High Court which became effective from April 01, 2015, the company stated.
On a consolidated basis, Arvind Limited registered a Q2 net profit after exceptional items of Rs. 91.03 crore in fiscal 2015-16. However, the same stood at Rs. 93.26 crore for the second quarter of previous fiscal. On the other hand, consolidated income of Arvind Limited for the second quarter stood at Rs. 2128.40 crore whereas the same was Rs. 1994.94 crore in Q2 of FY 2014-15.
Commenting on the results as well as outlook of the company, Jayesh Shah, director and chief financial officer of Arvind Ltd said, “The performance for the quarter has been satisfactory considering very challenging domestic markets. We expect second half to be even better as compared to second half of last year.”
Meanwhile, Arvind Ltd informed the Bombay Stock Exchange (BSE) that the Board of Directors of the company at its meeting held on November 05, 2015, had approved the proposal for delisting of its equity shares from the Ahmedabad Stock Exchange Limited under The SEBI (Delisting of Equity Shares) Regulation, 2009.