INSUBCONTINENT EXCLUSIVE:
New Delhi: Textile and apparel player Arvind Ltd on Thursday reported a 16.38 per cent increase in its consolidated net profit to Rs 75.08
crore for the second quarter ended September 2018.
The company had posted a net profit of Rs 64.51 crore in the July-September period a
year-ago, Arvind Ltd said in a BSE filing.
Total income during the quarter under review stood at Rs 1,815.98 crore, up 12.85 per cent, as
against Rs 1,609.10 crore in the corresponding quarter of the previous fiscal.
Total expenses stood at Rs 1,723.27 crore as against Rs
1,540.08 crore, up 11.89 per cent.
Meanwhile, the company said that as NCLT has approved the scheme of demerger for its branded apparels and
engineering businesses, "the reported financial statements reflect figures for continuing businesses only".
"Pending receipt of order and
other conditions precedent in the Scheme, the Group has considered the business of Engineering and Branded Apparel Undertaking as
'Discontinuing Operations'," the company said.
Arvind's net profit for the period from continuing operations rose to Rs 56.10 crore as
against Rs 48.48 crore earlier.
Net profit after tax from discontinuing operations was at Rs 18.98 crore as compared to Rs 16.03 crore.
"The
effective date of demerger and record date for allotment of shares is likely to be end of November," it added.
Shares of Arvind Ltd closed
0.54 per cent up at Rs 345.50 on BSE.
