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Q1FY21 results: Arvind Fashions records net loss of Rs 213.13 crore

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Q1FY21 results: Arvind Fashions records net loss of Rs 213.13 crore

Arvind Fashions Limited, India's top casual and denim player announced its quarterly results on September 2, 2020. The company posted a consolidated net loss of Rs 213.13 crore for Q1FY21, which increased further by 124.16 per cent, as compared to Q1FY20 when it reported consolidated loss of Rs 95.08 crore.                                                                                                                                                          

The consolidated net sales reported in Q1FY21 came in at Rs 104.05 crore, which declined by 88.45 per cent YoY from Rs 900.94 crore in Q1FY20. At EBITDA level, the company stood at negative Rs 119.38 crore in Q1FY21 that decreased by 701.71 per cent YoY. For Q1FY20, it posted an EBITDA of Rs 19.84 crore.                                                                                                                                                               

EBITDA margin as of Q1FY21 was at negative 114.73 per cent that declined by 116.93 per cent YoY. The net profit margin in Q1FY21 came in at negative 204.83 per cent, which declined by 194.28 per cent YoY. The net profit margin in Q1FY20 was at negative 10.55 per cent.

Q1FY21 sales & financial performance was significantly impacted by disruptions due to lockdowns caused by the COVID pandemic. However approximately 80per cent of stores have opened in the month of August. The company managed to reach 46 per cent of sales in August 20, compared to same month last year.

The company has strengthened its balance sheet in Q2FY21 through infusion of Rs 660 crore of non-debt funds through strategic investment by Flipkart in Flying Machine and rights issue for Rs 400 crore.

Arvind Fashions is host of renowned brands, both international and indigenous, like US Polo Assn., Arrow, GAP, Tommy Hilfiger, Calvin Klein, Flying Machine and Sephora. The share gained 1.76 per cent and closed at Rs 144.15 in today’s session on BSE.



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