Apparel manufacturer Arvind Fashions Ltd on Monday posted a fourfold year-on-year (yoy) increase in standalone net losses at Rs 22.9 crore for the first quarter ending June on back of a 13.5 per cent yoy decline in revenue from operations at Rs 118.2 crore. The company did not give any reason behind this fall.
However, on a consolidated basis, Arvind Fashions‘ net profit for the first quarter went up to Rs 13 crore as compared to Rs 1 crore a year back. Consolidated revenue jumped by 16 per cent yoy at Rs 1,107 crore. No reason was shared for this better performance at a consolidated level.
Arvind Fashions managing director Shailesh Chaturvedi said the first quarter reported a bright start to the financial year with revenue growth reaching 16 per cent .
“This is a testimony of our conscious efforts of investing in higher marketing to re-energize our industry leading brands leading to strong awareness and higher footfalls along with market share gains. Moving ahead, we will continue to focus on our direct channel strategy resulting in higher bottom-line & ROCE (return on capital employed).”
The company’s growth for the online channel was 30 per cent -plus. The contribution of the online B2C channel increased from 13 per cent to 15 per cent in the quarter under review over the same period last fiscal. On Monday, Arvind Fashion Ltd share price was down 0.1 per cent on the BSE at Rs 499.45.
