Arvind Ltd Net Profit down by 3.6 Percent in 2014-15

Ahmedabad, May 14 (IANS): Textile and branded apparels company, Arvind Ltd., on Thursday said its consolidated net profit in April 2014-2015 declined by 3.6 percent at Rs.341.1 crore compared to Rs.353.89 crore during 2013-14.

The consolidated net revenue for this period grew by over 14 percent at Rs.7,851 crore against the earning of Rs.6,862 crore in 2013-2014.

The company said it had paid Rs.29 crore towards retrenchment of workers, Rs.22 crore for a legal dispute settlement with Polo Ralph Lauren and Rs.3 crore for deferred electricity duty which led to lowering of its net profits. The company has classified these as “exceptional items” in its financial report for 2014-15.

The exceptional items impacted the firm’s revenue during the January-March period as it reported a 48.7 percent decline in consolidated net profit at Rs.48.23 crore compared to Rs.94.05 crore during the corresponding timeframe last year.

“The company is continuing to pursue its strategy of driving growth through brands and retail business which grew by 23 percent under challenging macro (economic) level situation where in consumer spending had slowed down,” company’s director and chief financial officer, Jayesh Shah said in a statement.

Shah said the company is expanding its garmenting capabilities is expecting a revenue growth between 15-18 percent for the current fiscal year.