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16 November 2021, Mumbai:
For the second quarter, Arvind’s revenues grew 113 percent. This was driven by the significant easing of Covid-related restrictions resulting in strong footfalls across retail channels and continued growth in the online business.
Sales recovery was 90 percent compared to pre-Covid levels. Power brands grew 145 percent with significantly improved profitability on a year-on-year basis. Online channel sales grew by 55 percent with a 40 percent contribution to company revenues.
Strong sales recovery continued in October ’21, registering high-teens like-to-like growth in the festive period in the retail channel, compared to pre-Covid.
A robust sales growth coupled with cost optimization measures led to significantly improved operating profitability resulting in EBITDA of Rs 72 crores compared to a loss of Rs 14 crores in last year’s second quarter. This translated into cash break-even for continuing business.
Arvind is India’s leading casual and denim player. The continued focus on working capital coupled with the divestment of the Unlimited retail business resulted in inventory and gross working capital lower by Rs 180 crores compared to September ’20.
The gross debt was lower by Rs 70 crores compared to June ’21. Proceeds from the preferential allotment were utilized to reduce debt further.
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