Arvind Limited, one of the largest textile companies in India and supplier to clients including Tommy Hilfiger and Calvin Klein, has reported a 19 percent decline in its revenue to 1,514 crore rupees ($207.65 million) for the third quarter ending December 31, compared to the same period a year earlier.
For the reported quarter, the company’s net profit was 25 crore rupees ($3.42 million) and EBIDTA (earnings before interest, taxation, depreciation and amortisation) fell 13 percent to 162 crore rupees ($22.2 million).
Arvind is one of the largest producers of denim globally, and owns key vertically integrated household brand names at home, backed by its massive textile production and retailing operations and over 800 stores across India.
Before the pandemic, it was estimated that Arvind produced over 100 million metres of denim fabric and 6 million pairs of jeans annually. For the reported quarter, denim volumes stood at 88 percent of those produced year earlier, woven volumes recovered to 77 percent of the previous year’s total and garment volumes recovered to 89 percent.