Leading textile and branded apparel player Arvind Ltd, which witnessed labour unrest in June, on Thursday said it recorded a profit after tax (PAT) of Rs 32 crore in the first quarter ended June 30, 2012, as compared to Rs 61 crore in corresponding quarter in the previous fiscal.
Releasing the quarterly results, Mr Jayesh Shah, Director and CFO, said in a statement here that this year first quarter results could not be compared with the last fiscal’s period.
“We had an abnormal situation due to the strike in two of our plants and hence it will not be appropriate to compare these results with that of previous year. Our textile business is witnessing strong growth and we are confident that in the coming quarter there will be growth in volume as well as in margins”, he said.
The company’s revenue for the first quarter ended June 30, 2012 stood at Rs. 1,157 crore (Rs. 1,211 crore).
At the operating level, consolidated EBIDTA for the quarter stood at Rs. 129 crore.
He said the company’s operations got affected due to workers' strike in June. Despite reduction in selling prices by 10%-14% on various textile products, caused by a fall in cotton prices, revenue for the first quarter was strong on account of robust growth in textile volumes and 9% revenue increase in brand and retail business.
Arvind Ltd share price was down 2.44% and ended today at Rs 69.90 at the BSE.