Textile Maker Arvind reported an 11.62 per cent drop in consolidated net profit from continuing operations to Rs 87 crore in the third quarter ended 31 December 2022.
In the same time last year, the business reported a consolidated net profit from continuing operations of Rs 98.44 crore, according to a regulatory filing.
Revenue from operations was Rs 1,979.79 crore during the quarter under review, compared to Rs 2,270.07 crore the previous year, it added.
Total costs were Rs 1,899.7 crore, down from Rs 2,134.54 crore in the same period previous year, according to the business.
The parent business sold a 100 per cent ownership in its wholly owned subsidiary, Arvind Internet, to Bigfoot Retail Solutions in July 2022 for a payment of Rs 159 crore, and as a result, the group considers its wholly owned subsidiary Arvind Internet to be terminated operations.
Overall textile revenues were down as volumes were lower, particularly in the denim area, according to the business, which also stated that price realisations began to trend down in Q2 reflecting recent softening in raw material costs.
The corporation declared that it was continuing to meet its stated goal of lowering long-term debt.
“During this quarter, long-term debt saw a net reduction of Rs 135 crore taking the outstanding to Rs 739 crores as of 31 December 2022,” it added.