Textiles firm Arvind Ltd today reported a 16.40 percent decline in consolidated net profit at Rs 75.62 crore for the December quarter, on the account of higher expenses.
The company had posted a net profit of Rs 90.46 crore in the year-ago period.
Its total income from operations during the third quarter, however, went up by 14.83 percent to Rs 2,335.46 crore from Rs 2,033.78 crore a year ago, Arvind said in a BSE filing.
Arvind Ltd's overall expenses stood at Rs 2,172.87 crore, up 18.18 percent, as compared to Rs 1,838.58 crore reported a year ago.
"The performance...was...good in light of the severe impact on the consumption experience due to demonetisation...
We believe that revenue and profitability should return to normal levels during the current quarter," Arvind Ltd Director and Chief Financial Officer Jayesh Shah said.
Shares of the company were trading 0.85 percent up at Rs 368.80 apiece on BSE.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
