Arvind share price jumps 6% after company reports 18.17 pct increase in net profit
Revenues from operations for the quarter and year ended March 31,2018 are not comparable with those of previous periods, informed Arvind in a filing to BSE.
Arvind share price surged 6 per cent after the textile major reported 18.17 per cent increase in consolidated net profit at Rs 115.47 crore for the quarter ended March 31. The company had logged a profit of Rs 97.71 crore in the same quarter of 2016-17.
Reacting to its earnings, the stock gained as much as 5.87 per cent to Rs 444.20 on the BSE.
Total income in the March quarter stood at Rs 3,004.11 crore against Rs 2,499.33 crore in the year-ago period.
TRENDING NOW
Revenues from operations for the quarter and year ended March 31,2018 are not comparable with those of previous periods, informed Arvind in a filing to BSE.
"Post implementation of GST with effect from July 1,2017, revenue from operations is disclosed net off GST. Revenue from operations in the earlier periods included excise duty which is now subsumed in GST," it said.
Company's Director and Chief Financial Officer Jayesh Shah said, "4th quarter was a good quarter for our business with strong growth in both revenue and margins on the back of sharp improvement in our brands business profitability. During the quarter, we saw weak demand trends in apparel industry especially towards the beginning of the quarter."
WATCH ZEE BUSINESS VIDEO HERE
"However, demand started picking up in March and we expect similar growth trend to continue in the coming months. Our textile business remains on a firm footing and delivered good results in line with our expectations. While there have been shorter term challenges an account of reduction in duty drawback rates and other export incentives, the medium term outlook of the business remains strong. Finally on the business restructuring, the process of demerger is proceeding as per expectations and we expect the three companies to list separately within next 4-5 months," Shah added.
Meanwhile, the Board of Directors recommended a dividend at the rate of Rs 2.40 per equity share of Rs 10 each for 2017-18.
03:07 pm
Looking for unique Valentine's Day gift ideas? Take a 'stock' of these options