Arvind Ltd reports Q1 net loss of Rs 97 crore

Textile firm Arvind Ltd on Monday reported a consolidated net loss of Rs 97.31 crore for the first quarter ended June 30, 2020, on account of lower income due to the COVID-19 pandemic.

The company had posted a net profit of Rs 24.39 crore in April-June quarter a year ago.

Revenue from operations during the quarter under review stood at Rs 599.28 crore. It was at Rs 1,896.45 crore in the year-ago quarter, the company said in a BSE filing.

As a result of the lockdown due to the COVID-19 pandemic, the volumes for the current quarter were impacted. Revenue from operations and profitability decreased due to COVID-19 related market volatility, the company said.

"Therefore, the results for the current quarter is not comparable with the previous corresponding period results," it added.

Arvind Ltd said its revenues have started recovering after plunging in April. June/July revenues have reached 55-60 per cent levels of previous year.

Shares of Arvind Ltd were trading 5.91 per cent lower at Rs 33.45 on the BSE.

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Free Press Journal