The textile manufacturer and the flagship company of the Lalbhai Group, Arvind Limited on Monday posted a consolidated net loss of Rs. 97 crore (US $ 13.3 million) for the first quarter ended 30 June 2020.
In comparison, the company had reported a net profit of Rs. 24 crore in the last fiscal.
The impact of the COVID-19 pandemic was evident for all to see, as the company’s revenue from operations for the quarter under review dropped to Rs. 599 crore, while it stood at an impressive Rs. 18,896 crore during the corresponding period last year.
Commenting on the colossal fall, Arvind Limited said in a statement that the volumes for the current quarter witnessed the substantial drop owing to the lockdown in the wake of the global crisis.
The company further underlined that the revenue from operations and profitability dwindled “due to COVID-19-related market volatility. Therefore, the results for the current quarter are not comparable with the previous corresponding period.”
Despite the current figures, the company is confident of better times ahead, and shared that its revenues have already begun to show signs of recovery after plunging in April.
Revenues for June-July have reached 55-60 per cent levels of last year, Arvind Limited added.
