Financial Daily from THE HINDU group of publications
Wednesday, May 01, 2002

News
Features
Stocks
Port Info
Archives

Group Sites

Corporate Results - Readymade Garments


Arvind posts Rs 10-cr net; interest cost down 60 pc

Our Bureau

AHMEDABAD, April 30

ARVIND Mills Ltd (AML) has posted a net profit of Rs 10.05 crore for the quarter ended March 31, 2002 (the company has extended its fiscal to 18 months).

This is against a net loss of Rs 96.29 crore last year.

After having successfully implemented debt restructuring programme, AML saw its interest cost fall by a whopping 60 per cent from that in the corresponding period last year.

``We are delighted that after a gap of more than three years, we have recorded a profit. This is the result of two factors - improvement in operating performance and successful completion of the debt restructuring plan,'' Mr Sanjay Lalbhai, Managing Director, AML, said.

The improved performance came even as sales and operating income of the company showed only a marginal growth of 9 per cent at Rs 339.34 crore, from Rs 310.75 crore in the previous year.

Meanwhile, the operating profit rose to Rs 79.66 crore, up 161 per cent from Rs 30.5 crore in the last quarter of the previous fiscal.

``Interest and finance cost during the quarter was at Rs 32.47 crore, reflecting a 60-per cent reduction as compared to Rs 81.49 crore in the quarter ended 2000-01. This allowed us to book a one-time gain of over Rs 400 crore on account of the debt buyback, an annual reduction in interest costs of almost Rs 150 crore and a comfortable debt-equity ratio of 1:1.2,'' Mr Jayesh Shah, Chief Financial Officer of the company, said.

Send this article to Friends by E-Mail

Stories in this Section
Mangalore Chem PAT up 45 pc


Nestle net up 55 pc
GE Shipping upbeat despite dip in Q4 net
MRF net races ahead in Q2 to Rs 13.34 cr
UB slips into the red with Rs 57.9-cr loss
McDowell net down
Godfrey Phillips net up 20%
Television Eighteen nets Rs 3.4 cr profit
Moser Baer net up 60 pc at Rs 221 cr
TVS Electronics profit down 56 pc
DSQ Soft reports net loss of Rs 21.78 cr
Arvind posts Rs 10-cr net; interest cost down 60 pc
South Indian Bank net up 50 pc at Rs 62 cr
Sterlite Optical net rises
Madhucon Projects net zooms 116 pc


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |

Copyright 2002, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line