India`s Arvind posts surge in profit on festive season demand boost
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India's Arvind Ltd reported a 79.7% jump in quarterly profit on Tuesday, as the textile manufacturer saw increased demand for its woven and knit products ahead of the festive season.
The company, which supplies cloth for various brands, including Calvin Klein, Ed Hardy, and Tommy Hilfiger, posted net profit of 1.25 billion rupees ($15.26 million) for the three months ended Sept. 30, from 695.8 million rupees a year earlier.
The Ahmedabad-based firm also said its quarterly revenue from operations rose 2.9% to 21.7 billion rupees.
Arvind's textiles segment's revenue rose 1.8% to 17.6 billion rupees, while its advanced materials unit reported a 5.1% rise to 3.1 billion rupees.
The company's expenses, meanwhile, rose 3.5%.
Arvind expects cotton input costs to soften ahead and said that the approaching wedding season could see domestic markets remaining strong.
Peers Vardhman Textiles and KPR Mills reported a 57.4% and 16.1% fall in profit, respectively, for the September quarter.
