Indian clothing retailer Arvind Ltd recorded rise of 2.1 per cent in consolidated net profit to Rs 990.3 million during Q4 FY24 from Rs 970 million in the corresponding quarter a year ago.
Seller of international brands like Tommy Hilfiger, Arrow and Calvin Klein, Arvind Ltd posted a 10.3 per cent growth in revenue from operations, while revenue from core textile segment grew by 5 per cent. The company’s denim sales also recovered during the quarter while sales of garments and woven products boomed.
The advanced materials segment, through which Arvind Ltd makes fabrics and protective gear for construction work, grew about 21 per cent. The company expects a positive demand for FY25 as it has not only onboarded new customers but also made fresh order bookings. The company plans to increase its capex range for new projects to Rs 4.4.50 billion.
Despite offering discounts on products to attract consumers, Indian retailers continue to see slower volume growth amid increasing competition. Helped by demand in beauty and luxury segment, Shoppers Stop reported a 53 per cent rise in Q4 profit
The quarterly profit of Tata Group-owned Trent also jumped by five-fold as it opened more of its lower-priced Zudio brand of stores.
