BENGALURU: Textile maker Arvind Ltd reported a 9.3% fall in quarterly profit on Wednesday, harm by weak demand from customers for denim garments.
The Ahmedabad-primarily based business posted a internet gain of 841.2 million rupees ($10.30 million) for the a few months ended Dec. 31, from 927.7 million rupees a calendar year previously.
The corporation, which materials fabric to models this kind of as Calvin Klein, Ed Hardy, and Tommy Hilfiger, reported its quarterly income from functions fell 12.8% to 19.80 billion rupees from previous 12 months.
Even though desire and volumes of woven cloth remained constant all through the quarter, denim continued to battle thanks to reduced desire and in excess of-offer, Arvind claimed in a assertion.
The firm’s revenue from the textiles section, which contributes about 80% of the firm’s whole profits, fell 19.2% to 15.49 billion rupees in the quarter. Revenue from jeans, which is incorporated in the textiles section, fell 44.8%.
Its superior materials unit described a 26.5% rise to 3.38 billion rupees.
The price realisations commenced to development down because the second quarter reflecting the current softness in uncooked product selling prices, the organization reported.
Arvind’s costs ended up down 11% in the quarter.
“Marco atmosphere in US and EU markets has started off to show some improvement in the outlook, although the over-all prognosis nonetheless remains cautious specified continue to higher-than-goal inflation in US, continuing war in Europe and reopening of China,” Arvind explained.
Desire for Indian textiles in intercontinental marketplaces was strike as people minimize investing on apparel next a surge in inflation right after the war in Ukraine.
The Ahmedabad-primarily based business posted a internet gain of 841.2 million rupees ($10.30 million) for the a few months ended Dec. 31, from 927.7 million rupees a calendar year previously.
The corporation, which materials fabric to models this kind of as Calvin Klein, Ed Hardy, and Tommy Hilfiger, reported its quarterly income from functions fell 12.8% to 19.80 billion rupees from previous 12 months.
Even though desire and volumes of woven cloth remained constant all through the quarter, denim continued to battle thanks to reduced desire and in excess of-offer, Arvind claimed in a assertion.
The firm’s revenue from the textiles section, which contributes about 80% of the firm’s whole profits, fell 19.2% to 15.49 billion rupees in the quarter. Revenue from jeans, which is incorporated in the textiles section, fell 44.8%.
Its superior materials unit described a 26.5% rise to 3.38 billion rupees.
The price realisations commenced to development down because the second quarter reflecting the current softness in uncooked product selling prices, the organization reported.
Arvind’s costs ended up down 11% in the quarter.
“Marco atmosphere in US and EU markets has started off to show some improvement in the outlook, although the over-all prognosis nonetheless remains cautious specified continue to higher-than-goal inflation in US, continuing war in Europe and reopening of China,” Arvind explained.
Desire for Indian textiles in intercontinental marketplaces was strike as people minimize investing on apparel next a surge in inflation right after the war in Ukraine.