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Arvind Ltd. profit misses consensus by 44.3% in fiscal Q1


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Arvind Ltd. profit misses consensus by 44.3% in fiscal Q1

Arvind Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 2.27 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 4.07 rupees per share.

EPS rose 18.6% year over year from 1.91 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 585.0 million rupees, an increase of 18.5% from 493.8 million rupees in the prior-year period.

The normalized profit margin rose to 3.3% from 3.3% in the year-earlier period.

Total revenue rose 16.9% on an annual basis to 17.54 billion rupees from 15.01 billion rupees, and total operating expenses grew 17.5% from the prior-year period to 15.84 billion rupees from 13.48 billion rupees.

Reported net income grew 33.9% on an annual basis to 905.1 million rupees, or 3.51 rupees per share, from 676.2 million rupees, or 2.62 rupees per share.

As of July 30, US$1 was equivalent to 60.35 Indian rupees.