Leading textile manufacturer Arvind Ltd on Monday reported a 37.25 per cent decline in consolidated net profit at Rs 43.73 crore for the first quarter ended June 30, 2024, on account of workers' strike and general elections.
The company had posted a net profit of Rs 69.70 crore in the April-June quarter a year ago, Arvind Ltd said in a regulatory filing.
Arvind Ltd said its revenue from operations declined 1.22 per cent at Rs 1,830.60 crore during the April-June quarter. It was at Rs 1,853.27 crore in the corresponding period of the previous fiscal.
"The financial performance and growth of Arvind Limited in Q1 of FY25 were impacted by two unrelated events: the National general election and an illegal worker's unrest," said Arvind in its earnings statement.
The unrest impaired the performance at the Santej factory, its largest textile facility, for 21 days.
The strike affected the company's main businesses, including the woven segment, denim segment, and the industrial and human ..
