Arvind Mills Q2 net profit plummets to Rs.5.55 Crores compared to Rs.37.19 Crores

Arvind Mills Ltd has announced the following Unaudited results for the quarter ended September 30, 2006:

The Company has posted a net profit of Rs 55.50 million for the quarter ended September 30, 2006 as compared to Rs 371.90 million for the quarter ended September 30, 2005. Total Income has decreased from Rs 4327.40 million for the quarter ended September 30, 2005 to Rs 3937.70 million for the quarter ended September 30, 2006.

Commenting on the results, Mr. Jayesh Shah, Chief Financial Officer and Director said: "The earnings of the Company continue to be impacted by the severe conditions in the denim market, though the diversification and downstream businesses have provided a cushion but have not grown to a size to mitigate the downturn. We believe that in medium to long term all the efforts undertaken now will lead to substantial financial gain".

Source : Equity Bulls

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