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Textile conglomerate Arvind Ltd saw its after-tax profit (PAT) after exceptional items increase by 18% for the second quarter ended September 30, 2018, for fiscal year 2018-19.
The PAT after exceptional items amounted to 730 million rupees for the second quarter of fiscal year 19, compared with 620 million rupees for the second quarter of fiscal 2008.
Since NCLT approved the split plan for the flagship company's engineering and branding activities, the financial statements presented by Arvind Ltd reflect only the figures relating to continuing operations.
Financial figures, without taking into account the effect of the split, saw the operating products of Arvind Ltd grow 12% to 30.53 billion rupees in the second quarter of fiscal year 19, compared with $ 27.35 billion for the second quarter of fiscal 2008.
For Arvind Ltd., overall revenue growth of 12% in the second quarter is explained by the growth of 15 % of clothing products and 21% of products in the Advanced Materials Division. In addition, the spin-off sales of branded clothing amounted to 12.27 billion rupees, an increase of 13%, after adjusting for the changes made by IndAS.
In an official statement, Arvind Ltd. stated that, even though it expects a 10% growth for the current fiscal year of its existing business, the branded apparel sector is diverging should grow by 20%.
"As previously stated, NCLT approved the split of the clothing and engineering brand activities into separate companies.The effective date of the split and the date of registration for the allocation of Actions should be by the end of November, "added the company.
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