Arvind Ltd, a leading textile manufacturer, announced a 25.44% decline in its consolidated net profit for the second quarter ended September 30, 2024. The company reported a net profit of Rs 62.77 crore, down from Rs 84.19 crore in the same period last year.
The decline in profitability was attributed to higher expenses and a one-time impact due to an increase in the provision for deferred tax. Total expenses for the quarter rose to Rs 2,065.57 crore, up from Rs 1,821.72 crore in the previous year.
Despite the challenges, Arvind Ltd’s revenue from operations grew to Rs 2,188.31 crore, compared to Rs 1,921.73 crore in the year-ago period.
The company highlighted that it had made a cumulative one-time provision of Rs 29.35 crore related to the recent changes in long-term capital gains tax.
Looking ahead, Arvind Ltd expressed optimism about its growth trajectory, stating that it had recovered from the challenges faced in the first quarter and made significant progress on its strategic initiatives.
