- Feb. 27, 2014
-- India’s textile industry contributes about 14 per cent to industrial production; 4 per cent to the country’s gross domestic product (GDP); 17 per cent to its export earnings. It ranks amongst the leading textile manufacturing countries in the world and has always made its significant contribution among the top apparel and textile exporters to the key US market.
The Indian scenario in textiles in further blooming with major players in the textile and garment industry recording major growth trends. The latest feather in the cap is added on to by Arvind Mills, an integrated textile and branded apparel player based in India. The current news doing rounds in the market is that the company has posted 35.56 per cent growth in its consolidated net profit at Rs 102.17 crore in the October-December quarter. This growth has been attributed to higher revenues in textile and retail segments.
Arvind Mills is originally is a flagship company of the Lalbhai Group. The company’s spokesperson while filing to Bombay Stock Exchange, informed that the company has posted a consolidated net profit of Rs 75.37 crore in the corresponding period last year. It has also been reported that the growth paradigm is a result of increased demands in the export market.
The net sales of the company saw a swell of 27.98 per cent at Rs 1,792.20 crore in the December quarter as against Rs 1,400.36 crore in the same period last year. This has been due to the improving scenario in export markets like US and Europe, that the denim maker saw a sharp rise in its export volume. It has also been estimated that in the third quarter of the financial year, the revenues of the company have risen upto 24 percent led by the substantial growth of 20percent in the denim segment. It is also been seen that there has been a revenue growth of 21 per cent in woven fabrics and 35 per cent in garments manufacturing, thereby registering an overall growth of 30 percent.