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Arvind Mills revenue & earning results as expected

14
May '07
Arvind Mills Limited, one of the largest integrated textile players in the world have announced their financial results for financial year ended 31st March, 2007.

The sales for the year is up by 16% at Rs.1845 Crores as against Rs.1589 Crores in the last financial year. Profit before tax is down by 11% at Rs.122 Crores compared to Rs.136 Crores in the previous financial year. Profit after tax at Rs.120 Crores is down by 6% compared to Rs.127 Crores in the previous financial year.

The operating profit for the year at Rs.305 Crores is down by 25% than the previous year figure of Rs.404 Crores. The net profit includes extra ordinary income of Rs.94 Crores. The extraordinary item primarily reflects the profit on sale of VF licensee business to VF Arvind Brands Private Limited.

The figures for the current financial year are not comparable to previous year figures as the current year figures include performance of Arvind Brands Limited which was merged in to the company with effect from 1st April 2006.

The sales for the fourth Quarter is up by 35% at Rs.483 Crores as against Rs.358 Crores in the corresponding quarter last financial year. Profit before tax was down by 37% at Rs.13 Crores compared to Rs.20 Crores in the corresponding quarter previous financial year.

Profit after tax at Rs.5 Crores is down by 75% compared to Rs.21 Crores in the corresponding quarter previous financial year. The performance of the company continues to be affected by sluggish denim market conditions. The branded apparels business of the company is moving in positive directions and experiencing good growth.

Commenting on the results, Mr. Jayesh Shah, Chief Financial Officer and Director said : “The revenue and earnings of the company are on the expected line, the efforts put in by the company to tide over the current situation have shown encouraging initial results and we are hopeful of a better year in 2007-2008 ”

Click here to view table:

Arvind Mills Limited


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