29 July 2023, Mumbai
Arvind Mills reported a consolidated net profit of 658.7 million rupees ($8.04 million) for the quarter ending June 30, down from 984.2 million rupees the previous year.
Soft global textiles demand impact
The decline was primarily attributed to the struggling denim segment, which experienced a 39% drop in revenue due to low price realizations. While expenses reduced by 20.6%, analysts remained cautious about the global textiles demand outlook for the current year.
Optimistic outlook
Arvind remained optimistic about future improvements, aiming to enhance capacities, and sustainability initiatives, and reduce long-term debt.
