The everyday have on and denim player noted an 81% fall in internet income at Rs a hundred and seventy crore, the enterprise said in a customary exchange submitting.
The retailer’s model portfolio, which also consists of US Polo Assn, said the attire business is the worst influenced by the pandemic. The enterprise pursued strategic initiatives all over functionality setting up, expense restructuring and money conservation to mitigate the impression on the business, Arvind Fashions said.
It executed expense rationalization throughout numerous fixed-expense heads and lowered the first quarter’s costs by sixty three% when compared to the exact same time period past yr, and by 57% when compared to the fourth quarter of the past fiscal.
“While Covid experienced a substantial impression on the monetary performance, we have utilised the option offered by this disruption to reshape our business via amplified investments in upgrading our digital capabilities along with substantial expense optimisation and a number of steps to manage gross performing cash,” said J Suresh, main government of AFL.
After the lockdown, 80% of the company’s shops have opened and attained 46% of income in August, when compared to the exact same time period past yr. The enterprise said that the balance sheet in the next quarter has been strengthened via infusion of Rs 660 crore of non-financial debt resources.
In July, Walmart-owned Flipkart experienced picked up about 27% stake in AFL’s lately shaped subsidiary Arvind Youth Manufacturers, which owns the denim label Traveling Machine.