14 February 2022, Mumbai:
Against Rs 68 crore net loss posted in the third quarter of previous fiscal 2020-21.
Arvind Fashions posted a net profit of Rs 6 crore in the third quarter of fiscal 2021-22 that ended December 31, 2021.
The company’s exit from certain brands and businesses to focus on only six marquee brands including US Polo Association, Arrow, Flying Machine, Calvin Klein, Tommy Hilfiger and beauty brand Sephora helped it gain profits and tap growth. Arvind Fashions's revenue grew 30 per cent on a year-on-year (YoY) basis to Rs 1,008 crore in Q3 of FY'22 from Rs 773 crore in Q3 of FY'21.
Shailesh Chaturvedi, Managing Director & CEO, Arvind Fashions says, the company was able to achieve strong results due to its sharp execution in retail channel that resulted in over 40 per cent like-to-like (LTL) growth and continued momentum in online channel, leading to EBITDA margins expansion by 200 bps.
They hope to deliver sustainable profitable growth over a long term by de-leveraging growth and focusing on six high conviction brands. Meanwhile, the company's net debt stood at Rs 430 crore, lower by roughly Rs. 500 crore compared to March 2021.
