Arvind Limited, India based Textile Company, posted double digit growth of 11 per cent in the third quarter (Q3) FY20. The revenue increased to rs. 1,869 cr (Q3 FY19: rs. 1,680 cr) for the quarter that ended on December 31, 2019. The growth was driven by the garment revenues which were 23 per cent higher and AMD (Advanced Materials Division) by 16 per cent.
The recent withdrawal of Merchandise Exports from India Scheme (MEIS) incentives effective March 2019 is reported to have impacted the revenues for Q3 by 34 cr. Net profit slipped 11 per cent to rs. 36 cr for the quarter.
The sales of textiles improved to rs. 1,558 cr. Sales of advanced material increased to rs. 184 cr. The company expects 9-10 per cent overall growth for FY20.
