This textile company zooms 5.37% today after reporting a 483% jump in profit in FY23!
Amidst the sizzling financial season, Arvind Ltd hits new 52-week high as it reports impressive results and announces dividends.
Quarterly Performance:
In comparison to the same quarter last year, the company's net profit for the fourth quarter which ended on March 31, 2023, increased by 152.31% to Rs 48.81 crore from loss of Rs 93.31 crore on standalone basis. In Q4FY23, the company's total net revenue decreased from Rs 2,007.03 crore to Rs 1,720.23 in the similar quarter the year prior.
The company reported a 483.32% increase in net profit for the year ended March 31, 2023, from Rs 59.30 crore to Rs 345.91 crore on standalone basis. When compared to the year ended March 31, 2022, the company's net revenue increased marginally by 3.66% to Rs 7774.10 crore from Rs 7499.41 crore in the year prior ended on March 31, 2022. Company has decreased long term debt of Rs 304 crore.
About the Dividend:
Board recommended total dividend of Rs 5.75 per equity share of face value of Rs 10 subject to approval of the shareholders of the company at the ensuring AGM. Dividend is divided into two parts final dividend of Rs 3.75 and special dividend of Rs 2.
Share Price Movement:
In the last trading session, it closed at Rs 116.40. Today it opened at Rs 117.45 and touched a high of Rs 124.20 and a low of Rs 117.45. It was closed at Rs 122.65 up by 5.37%, total 7,21,476 shares were traded over the counter at BSE.
The BSE group 'A' stock has a market cap of around Rs 3,200 crore and today it hit new 52-week high of Rs 124.20 and it has a 52-week low of Rs 77.70.
Company profile:
Established in 1931, Arvind Limited quickly gained recognition as a leading textile unit. Over the years, it successfully adapted to changing market dynamics. In the 1980s, during a crisis in the industry, Arvind implemented its visionary "Reno vision" strategy, focusing on high-quality fabrics for global markets. By 1991, it became the world's third-largest denim producer. Arvind continued to expand its operations, verticalizing and partnering with renowned brands. Today, it aims to be India's largest apparel brands company through innovation and strategic collaborations.
Share Market Today
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