Arvind posts Q1 profit falls 22% to Rs57 crore
New Delhi: Textile and apparel player Arvind Ltd on Friday reported 22.55% drop in consolidated net profit at Rs56.75 crore in the quarter ended 30 June.
The company had posted a net profit of Rs73.28 crore in the corresponding period of last year.
Its total income during the quarter under review went up by 17.47% to Rs2,491.32 crore from Rs2,120.76 crore a year ago, Arvind Ltd said in a BSE filing.
“First quarter was a challenging quarter with GST implementation impacting demand in June ... going forward, we believe GST will continue to have an impact on demand in the next few months as the wholesale (channel) adjusts to the new tax regime,” Arvind Director and CFO Jayesh Shah said.
Shares of the company closed 0.55% up at Rs364.55 apiece on BSE.