Arvind Limited is a textile manufacturer and the flagship company of the Lalbhai Group.It has reported decrease in its total income to ₹603.22 crore in its first quarter (Q1) for fiscal 2020 ended on June 30 compared to income of ₹1,917.21 crore in the same period last fiscal. Company incurred a loss for the period of ₹97.31 crore compared to profit of ₹24.39 crore in Q2 FY19.
Company’s loss before tax were ₹156.1 crore compared to profit before tax of ₹40.71 crore. Sales of textile segment dropped to ₹435.65 crore (₹1,616.63 crore). Advanced materials sales were down to ₹106.47 crore (₹167.87 crore).
According to company’s press release, its revenues decline in April however it started recovering in June/July and has reached 55-60 per cent levels of previous year.
Company expects its revenues to grow 10 per cent over Q2 for upcoming quarter Q3. Wovens and knits revenue growth to help rise in sales.
