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Indian textile firm Arvind reports higher profit, flags continued margin pressure

By Reuters News

Oct 28 (Reuters) - Indian textile manufacturer Arvind ARVN.NS reported a 43% rise in second-quarter profit on Wednesday, as resilient festive demand outweighed pressure from higher raw material costs.

The company, which counts Western brands such as Gap and H&M among its clients, reported a net profit of 1.48 billion rupees ($15.55 million) for the quarter ended September 30, compared to 1.03 billion rupees a year earlier.

Here are some details:

  • Volatility in energy, freight and input costs, triggered by the Middle East conflict, and muted demand in key Western markets weighed on the company's performance in the first half of the fiscal, it said, but added that stronger festive demand boosted orders towards the end of the quarter

  • The textile business, its biggest, reported a 19% rise in revenue to 21.46 billion rupees, with overall revenue from operations up 23% at 29.19 billion rupees

  • However, Arvind expects the textile business to deliver low double-digit revenue growth in the third quarter, with elevated input costs likely to keep margins under pressure due to global economic uncertainty and cautious consumer spending

  • Shares were up as much as 7% after the results. They have risen 63% so far this year


($1 = 95.1875 Indian rupees)

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