Arvind Ltd reports 36% profit decline in Q2 2023-24

Arvind Ltd, a prominent textile company in India, witnessed a sharp 36% drop in its net profit, recording Rs 80 crore ($10 million) in the second quarter of the 2023-24 fiscal year, down from Rs 125 crore the previous year.
This decline was mirrored in the company's revenue, which fell by 11% to Rs 1,921 crore, compared to Rs 2,170 crore in the corresponding quarter of the previous fiscal year.
However, Arvind Ltd's textiles and advanced materials businesses showed promise, with improved margins of 11% and 16%, respectively. The textiles business contributed Rs 1,455 crore to the overall revenue, while the advanced materials business accounted for Rs 354 crore.
Arvind Ltd remains optimistic, citing the potential for improved domestic markets due to festival buying and positive macroeconomic indicators. They anticipate a slight uptick in both revenue and margins in the upcoming months.