(1888PressRelease)
January 30, 2008 - Ahmedabad: The Arvind Mills Limited, one of the largest integrated textile players in the world have announced their financial results for Quarter ended 31st December, 2007.
The sales for the Quarter are up by 20% at Rs.537 Crores as against Rs.448 Crores in the corresponding quarter last financial year. Profit before tax was up by 51% at Rs.7 Crores compared to Rs.5 Crores in the corresponding quarter previous financial year. Profit after tax at Rs.6 Crores is up by 76% compared to Rs.4 Crores in the corresponding quarter previous financial year.
The branded apparel and retail business of the company has returned yet another quarter of solid performance. Sales grew by 40% and the EBIDTA has grown by 187% during the current quarter. The company added another 50 doors during the current quarter. The first MegaMart Outlet Centre, the company’s value apparel retail store measuring about 40,000 square feet was opened to public in Chennai on the 23rd January 2008.
Apart from the denim which has had significant reversal in trends and power cost increase due expiry of natural gas supply contract, all other product groups have returned significant improvement in performances. The lower earnings to a large extent have been offset by garments, shirting and the Branded apparel business.
Commenting on the results, Mr. Jayesh Shah, Chief Financial Officer and Director said : “The long term efforts by company to broad base its revenue and earnings are finally yielding results with the downturn in denim being offset by all other products and businesses. We see a great opportunity in the branded apparel and retail business and we are on course to achieve significant growth in that segment. As soon as the short term negative impact of denim and power cost are nullified, we could see significant improvement in the earnings of the company”
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