Arvind Fashions reports Q3 net loss of Rs 65.62 crore

Commenting on the results AFL MD and CEO J Suresh said with better than expected sales recovery through improved footfalls during the festival period which has resulted in significantly improved profitability

New Delhi: Arvind Fashions Ltd (AFL) on Wednesday reported a consolidated net loss of Rs 65.62  crore in the third quarter ended December 31, 2020. The company had posted a net loss of Rs 48.26 crore in the year-ago period, AFL said in a BSE filing. Its net sales during the period under review was at Rs 911.13 crore. It was Rs 1,062.28 crore in the year-ago period.

Commenting on the results AFL MD and CEO J Suresh said with better than expected sales recovery through improved footfalls during the festival period which has resulted in significantly improved profitability and a cash break even for continuing business in Q3 FY21.

“Our focus on digital and omni-channel initiatives and a deep cost focus continue to deliver robust outcomes. At the back of strong Q3, we expect H2 FY21 to be significantly better in terms of sales & profitability growth,” he added.

Arvind Fashions said its board has also approved issue of equity shares for an amount up to Rs 200 crore on rights basis.