Textile manufacturer Arvind Ltd on Wednesday reported an 11.62 per cent decline in consolidated net profit from continuing operations to Rs 87 crore in the third quarter ended December 31, 2022.
The company had posted a consolidated net profit from continuing operations of Rs 98.44 crore in the same period last fiscal, Arvind Ltd said in a regulatory filing.
Revenue from operations during the quarter under review were at Rs 1,979.79 crore as against Rs 2,270.07 crore in the year-ago period, it added.
Total expenses were lower at Rs 1,899.7 crore as compared to Rs 2,134.54 crore in the same period last fiscal, the company said.
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In July 2022, Arvind Ltd said the parent company sold its 100 per cent stake of wholly owned subsidiary, Arvind Internet Ltd to Bigfoot Retail Solutions Pvt Ltd for a consideration of Rs 159 crore and accordingly, the group has considered its wholly owned subsidiary Arvind Internet Ltd as discontinued operations.
Overall textile revenues were lower as volumes were lower especially in Denim segment, the company said, adding also, the price realisations started to trend down since Q2 reflecting the recent softness in raw material prices.
The company said it continued to deliver on its stated objective of reducing its long-term debt.
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"During this quarter, long-term debt saw a net reduction of Rs 135 crore taking the outstanding to Rs 739 crores as of December 31, 2022," it added.
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