Net loss 'doubles' for Arvind Mills - Views on News from Equitymaster

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Net loss 'doubles' for Arvind Mills

Aug 1, 2000

Arvind Mills has posted a 14% growth in sales for the first quarter ended FY01. This, when compared to the last year's performance is better, considering the fact that the previous years figures includes the contribution from the garments division, which the company hived off to Arvind Garments Limited.

(Rs m) 1QFY00 1QFY01 Change
Sales 2,464 2,813 14.2%
Other Income 16.7 10.6 -36.5%
Expenditure 2,117 2,493 17.7%
Operating Profit (EBDIT) 346 320 -7.5%
Operating Profit Margin (%) 14.0% 11.4%
Interest 494 832 68.3%
Depreciation 350 448 27.9%
Profit before Tax -482 -949 97.1%
Other Adjustments - -
Tax - -
Profit after Tax/(Loss) (482) (949)
Net profit margin (%) -19.5% -33.7%
No. of Shares (eoy) (m) 100.6 100.6
Diluted number of shares 100.6 100.6
Diluted Earnings per share* -19.2 -37.8
*(annualised)

However, the operating margins have fallen from 14% in 1QFY00 to 11.4% in 1QFY01. Higher interest cost, up 68% from Rs 494 m in 1QFY00 to Rs 832 in 1QFY01, continue to drag the losses further from Rs 482 m to Rs 949 for the current year.

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