Arvind FY17 net profit falls
Textile major Arvind Ltd has reported a 41 per cent decline in net profit for the year ended March from a year ago on the back of demonetisation and increase in cotton prices. The company posted a net profit of Rs 44.5 crore from Rs 76.6 crore in the corresponding quarter. Revenue for the same period grew by 9.7 per cent to Rs 1567 crore.
“In the context of demonetisation and sharp increase in cotton prices and appreciation of rupee, our performance is quite satisfactory,” said Jayesh Shah, Director of Arvind. “We will continue to have a double digit growth in the coming financial year led by robust growth in our brand and retail business.”
The Ahmedabad-based company has a portfolio of owned and licensed brands. Its own brands include Flying Machine, among others, while its licensed product brands includes Tommy Hilfiger, Calvin Klein, Arrow, Gant, Nautica, Gap, and Aeropostale.