Arvind Fashions Q1 net loss at Rs 95.36 cr

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Arvind Fashions on August 9 reported a net loss of 95.36 crore for the first quarter ended June 30. The company had posted a net loss of Rs 15.29 crore in April-June quarter a year ago, Arvind Fashions said in a BSE filing.

Its revenue from operations was Rs 900.94 crore during the quarter under review. It was Rs 1,006.83 crore in the corresponding quarter previous fiscal.

Meanwhile, the company said its results are “are not comparable with the year ended March 31, 2019 and quarter ended on June 30, 2018” due to scheme of arrangement for demerger of Branded Apparel undertaking of Arvind Ltd to Arvind Fashions Ltd.

Commenting on the results Arvind Fashions MD and CEO J Suresh said: “We have taken few strategic decisions during the quarter that had a negative impact on the reported quarterly financial results, but it will set us up for consistent growth going forward. There is indeed a slowdown in consumption that is impacting the economy”.

Arvind Fashions’ total expenses stood at Rs 1,045.78 crore.

Shares of Arvind Fashions Ltd on August 9 settled at Rs 561.35 apiece on the BSE, down 3.07 percent from previous close.

[“source=moneycontrol”]