Textiles firm Arvind Ltd today reported a 16.40 percent decline in consolidated net profit to Rs 75.62 crore for third quarter of the current fiscal, on account of demonetisation and higher expense.
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.
The company had posted a net profit of Rs 50.28 crore for the corresponding period of the previous fiscal.
M Shivkumar, CFO of Raymond says a bad year for apparel business and huge inventories has resulted in huge loss for the textile manufacturer. â€œThe increase in power and staff costs has impacted the industry,â€ he told CNBC-TV18 in an interview.