Lockdowns lead to poor sales and losses for Arvind

Textile major Arvind Ltd’s business was impacted due to COVID-19 and lockdowns throughout the quarter, resulting in poor sales and losses. The company reported a consolidated net loss of Rs 6 crore for the quarter ended on September 30, 2020, as against a net profit of Rs 50 crore it reported in the corresponding period last year. Total income during the quarter declined to Rs 1,319 crore, as against Rs 1,974 crore it reported in the corresponding quarter a year-ago.

Arvind is a leading player in India’s textile and apparel market. It owns several private labels and licenses for international brands in India. Its headquarters are in Naroda, Ahmedabad, Gujarat, India, and it has units at Santej. The company manufactures cotton shirting, denim, knits and bottomwear fabrics. It has also recently ventured into technical textiles when it started Advanced Materials Division in 2011.