Textile company Arvind Ltd has reported 35.87 per cent dip in consolidated net profit at Rs 58.04 crore in the first quarter ended June 30. This is due to higher tax provisions.
It registered a net profit of Rs 90.51 crore in the same quarter last fiscal. Net sales went up 6.74 per cent to Rs 1,872.6 crore in the quarter under review as against net sales of Rs 1,754.3 crore in the year-ago period, said a PTI report.
"The performance of the company for quarter ending June 30, 2015 is in line with our expectation, high growth in brands and retail business with movement towards profitability and steady growth in textiles business with improvement in bottom line," Arvind Ltd Director and Chief Financial Officer Jayesh Shah was quoted as saying by the news agency.
In the June quarter, its current tax stood at Rs 26.19 crore in comparison to Rs 11.39 crore in the corresponding period of 2014-15 fiscal.
