India's Arvind posts surge in profit on festive season demand boost

Vardhman Textiles

08/11/2022 08:38

BENGALURU, Nov 8 (Reuters) - India's Arvind Ltd
 ARVN.NS  reported a 79.7% jump in quarterly profit on Tuesday,
as the textile manufacturer saw increased demand for its woven
and knit products ahead of the festive season.
    The company, which supplies cloth for various brands,
including Calvin Klein, Ed Hardy, and Tommy Hilfiger, posted net
profit of 1.25 billion rupees ($15.26 million) for the three
months ended Sept. 30, from 695.8 million rupees a year earlier.
    The Ahmedabad-based firm also said its quarterly revenue
from operations rose 2.9% to 21.7 billion rupees.
    Arvind's textiles segment's revenue rose 1.8% to 17.6
billion rupees, while its advanced materials unit reported a
5.1% rise to 3.1 billion rupees. 
    The company's expenses, meanwhile, rose 3.5%.
    Arvind expects cotton input costs to soften ahead and said
that the approaching wedding season could see domestic markets
remaining strong.
    Peers Vardhman Textiles  VART.NS  and KPR Mills  KPRM.NS 
reported a 57.4% and 16.1% fall in profit, respectively, for the
September quarter.
($1 = 81.8900 Indian rupees)
 (Reporting by Priya Sagar in Bengaluru; editing by Uttaresh.V)
 ((Priya.Sagar@thomsonreuters.com;))