Arvind Records 15% Revenue Growth In FY17

Company Performance

Arvind Records 15% Revenue Growth In FY17

Arvind Ltd has reported a net profit of Rs 320.06 crore in FY17, a marginal increase of 1.24% over the previous financial year. The company's consolidated revenue grew 10% to Rs 2465 crore for the quarter ended March 31, 2017, as against Rs 2233 crore in the corresponding quarter of the previous year. Consolidated EBIDTA was lower at Rs 231 crore against Rs 257 crore in the corresponding quarter of the previous year.

Profit after tax before extraordinary items grew by 4% to Rs 102 crore, as compared to Rs 98 crore in the corresponding quarter for the last year. For the financial year, the company reported 15% growth in revenue at Rs 9236 crore. Net profit after tax from ordinary activity was higher by 6% at Rs 332 crore compared to Rs 313 crore in the previous financial year.

Profit after tax after exceptional items was Rs 314 crore, the same as in the previous year. Segmentwise, Arvind's textiles business revenue was Rs 5714.22 crore in FY17, 9.5% higher than in the previous fiscal. Arvind Internet, the ecommerce platform, earned a revenue of Rs 15.13 crore in FY 2017, compared to Rs 6.39 crore in FY16.

Branded apparel revenue in FY17 was Rs 2901.56 crore, 26% higher than a year ago. Textile business profit before interest and tax, was Rs 782.11 crore, almost the same as in the previous financial year.

Arvind Internet suffered a loss of Rs 88.87 crore in FY17, compared to a loss of Rs 22.92 crore in FY16. Branded apparel profits in FY17 was Rs 59.05 crore, a 100% increase over the previous year. In Q4FY17, Arvind's textile business revenue was to the tune of Rs 1459.51 crore, 4% higher than in the previous quarter (Rs 1354.68 crore in Q4FY16). Arvind Internet earned revenue of Rs 5.75 crore in Q4FY17, as against Rs 4.71crore in the previous quarter (Rs 1.99 crore in Q4FY16).

Revenue from branded apparel during Q4FY17 was Rs 829.23, a growth of 8.46% over the previous quarter. Commenting on the results, Jayesh Shah, Director and Chief Financial Officer of the company said, "In the context of demonetisation and the sharp increase in cotton prices as well as appreciation of rupee, our performance is quite satisfactory. We will continue to have a double digit growth in the current financial year led by robust growth in our brand and retail business."