Arvind Ltd Faces Profit Decline Amid Rising Costs

Arvind Ltd reported a 25.44% decline in net profit for Q2 2024, influenced by increased expenses and a one-time deferred tax provision. However, revenue saw a rise with volume gains across segments, and the company remains optimistic about maintaining this momentum despite economic challenges.

Textile giant Arvind Ltd has announced a 25.44% drop in consolidated net profit for the second quarter ending September 30, 2024, attributing the dip to rising expenses and a one-time deferred tax provision.

The company's regulatory filing revealed that net profits fell to Rs 62.77 crore from Rs 84.19 crore during the same period last year, despite a rise in consolidated revenues from Rs 1,921.73 crore to Rs 2,188.31 crore. Costs during this period increased from Rs 1,821.72 crore to Rs 2,065.57 crore.

Notably, Arvind Ltd reported volume gains across all segments with textiles and advanced materials divisions generating increased revenues. The company remains optimistic about continuing this performance trajectory even amid geopolitical and economic uncertainties

(With inputs from agencies.)