Homegrown textile conglomerate, Arvind Limited, announced a 9% increase in its consolidated net profit for the third quarter of FY 2024. The company’s profit during the quarter stood at Rs 91.7 crore, up from Rs 84.12 crore in the corresponding quarter of FY 2023. However, despite volume growth, deflated prices continued to exert pressure on the company’s revenues. Arvind Limited reported revenues of Rs 1,888.24 crore during the quarter, which were down 4.6% as compared to Rs 1,979.79 crore during the same quarter of FY 2023.

In a statement, the company said that it delivered a robust performance amid a challenging environment. Volumes saw healthy growth across most businesses, but deflated prices, driven by lower input costs, kept the revenue numbers muted. The textile revenue stood at Rs 1,426 crore with an EBITDA of Rs 168 crore, resulting in an EBITDA margin of 11.8%, which is the highest in the past twelve quarters.

However, Arvind Limited witnessed poor performance in the denim sector due to weaker demand. Revenues from denim manufacturing declined by 17%, going from Rs 318 crore in the third quarter of FY 2023 to Rs 263 crore in the same quarter of FY 2024. The company attributed this decline to the weak season and seasonal downtrend in volumes, along with a continuing reduction in realizations.

As of 1.45 pm on Tuesday, Arvind Limited’s share price stood at Rs 313.75 on the BSE.