ARVIND

** Indian textile firms gain between 2% and 9%

** India and US are nearing a trade agreement to reduce tariffs on Indian imports, India's Mint reports

** India's Ministry of Commerce and Industry and the White House did not immediately respond to Reuters' requests for comment

** Gokaldas Exports GOKL.NS leads gains among pack with 9.3% jump, trailed by Vardhman Textiles' VART.NS 7.8% climb

** Welspun Living WLSP.NS, KPR Mill KPRM.NS and Indo Count's ICNT.NS up ~5% each

** Arvind ARVN.NS, Trident TRIE.NS up ~4%,

** YTD, GOKL leads losses among pack with 23.1% drop

(Reporting by Kashish Tandon in Bengaluru)

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By Aditya Kalra

NEW DELHI, Sept 4 (Reuters) - India's overhaul of consumer tax stands to make everything from soaps to luxury SUVs cheaper, but global fashion brands such as Zara, Levi Strauss LEVI.N and Lacoste have been spooked by higher levies on all apparel priced at more than $29.

The premium wear segment accounts for about 18% of an apparel industry worth $70 billion, says Datum Intelligence, spurred by a growing number of nouveau riche and brand-conscious youngsters in India.

The biggest tax reform in eight years by Prime Minister Narendra Modi's government cuts levies to 5% on garments costing less than 2,500 rupees ($29), but items priced above that figure now face a higher levy of 18%.

That will pile pressure on the likes of PVH Corp PVH.N, Marks and Spencer MKS.L, Gap Inc GPS.N, Under Armour UAA.N, Nike NKE.N, H&M HMb.ST and Japan's Uniqlo 9983.T.

Fashion companies worry about the impact of higher taxes on sales, since aspirational young people consider such purchases as a lifestyle upgrade, but remain sensitive to price, said two Indian garment executives dealing in foreign brands.

"Retail works on wafer-thin margins, and overheads like rents are extremely high," said the chief executive of a foreign garment brand operating in India, who sought anonymity for fear of government reprisal. "Growth that we were expecting earlier won't come now."

The official added, "This is not a luxury. The 2,500-rupee price point is basic now."

The higher taxes are also a double whammy for domestic garment makers whose thriving U.S. exports business is also reeling from President Donald Trump's tariffs of 50%.

India's reform has not only drastically cut consumption levies on daily essentials and consumer electronics, but dealt a surprise win on Wednesday for pricey SUVs, reducing their tax rate to a flat 40%, versus up to 50% earlier.

Carmaker Mercedes-Benz has been reporting record sales in recent months, as consumption surges.

The higher rate on apparel could spell the "death knell for the industry", the Clothing Manufacturers Association of India has said, as items costing more than 2,500 rupees are "consumed in large numbers by the common man and middle class".

Most of the 875 new arrivals listed on Superdry India's website, for example, are subject to the new 18% tax, with many jackets on offer priced upwards of $170 and shirts at $60.

On the Lacoste India website, men's T-shirts can cost as much as $99, with not one priced below $29, the new threshold for the higher tax, set to take effect on September 22.

TARIFF TO WEDDINGS

In press statements, the Association has flagged worries about the impact of the higher tax adding to the fallout from Trump's tariff salvo.

India's Arvind Fashions ARVF.NS for example, holds domestic franchisee rights for Tommy Hilfiger and Calvin Klein retail, but its affiliate, Arvind Ltd ARVN.NS, makes foreign brands for export to destinations including the United States, which has a share of roughly 30%.

The Arvind Group did not respond to a request for comment.

In India, foreign premium brands have been luring affluent youngsters by adding retail outlets and e-commerce offerings. Lululemon Athletica LULU.O plans to enter the market in 2026.

The tax hikes will also apply to apparel from luxury goods makers Louis Vuitton LVMH.PA, Dior DIOR.PA and Versace.

Some customers may opt for cheaper more tax-efficient purchases while travelling abroad, but the hike to 18% from an earlier slab of 12% will have limited impact on India's rich, said one luxury industry executive.

Another area of expenditure set for a hit will be clothes bought for weddings. Lavish marriage celebrations are big business, and urban families can easily spend thousands of dollars on items from traditional sarees to men's jackets.

"Putting these clothes in the 18% slab will result in parents compelled to make inferior clothing for their favourite child on their favourite day," the clothing association said.

(Reporting by Aditya Kalra; Additional reporting by Dhwani Pandya and Praveen Paramasivam; Editing by Clarence Fernandez)

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** Indian textile stocks down between 1% and 3%

** Trump executive order imposes additional 25% tariff on goods from India for Russian oil trade

** KPR Mill KPRM.NS leads decline with 2.6% drop, Gokaldas Exports' GOKL.NS down 2.2%

** Welspun Living WLSP.NS, Vardhman Textiles VART.NS Indo Count ICNT.NS down ~2%; Trident TRIE.NS drops 1%

** WLSP, GOKL, ICNT, TRIE derive 40%-70% of their revenues from the U.S.

** They fell 3%-7% on July 31 when Trump announced 25% tariffs on Indian products, along with undisclosed penalty for New Delhi's trade with Moscow

(Reporting by Kashish Tandon in Bengaluru)

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** Shares of Arvind ARVN.NS fall 1.7% to 325 rupees

** On Tuesday, stock was up about 5% on strong quarterly earnings

** Antique, among top 2 analysts on ARVN for rating accuracy, per LSEG data, maintains "buy" rating but cuts TP to 453 rupees from 470 rupees

** Brokerage says tariff uncertainty in the U.S. remains a concern, given market's large share in co's revenue

** It cuts FY26/27 earnings estimates on margin contraction

** ARVN rated "strong buy" by 7 analysts on average; median TP is 451 rupees – data compiled by LSEG

** Stock down 20.6% YTD

(Reporting by Rudra Pratap Singh in Bengaluru)

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** Indian textile manufacturer Arvind ARVN.NS rises as much as 5.2% to 352.95 rupees after its first-quarter results

** Co reports a 35.4% rise in consolidated net profit y/y and a 9.6% jump in revenue

** Says it saw healthy volume growth in its core fabric and garments business despite shifting sourcing strategies due to U.S. tariffs

** Adds second half of fiscal 2026 likely to see improved performance after first-quarter saw some tariff-related margin pressure due to higher input costs and discounts

** YTD, ARVN shares down 16.7%

(Reporting by Ananta Agarwal in Bengaluru)

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July 17 (Reuters) - Arvind Ltd ARVN.NS:

• BUYS EQUITY SHARES OF ARVIND FASHIONS WORTH 91.5 MILLION RUPEES

Source text: ID:nBSE17MX4w

Further company coverage: ARVN.NS

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** Shares of clothing retailer Arvind ARVN.NS sink 4.8% to 380.35 rupees after Q4 report; was flat earlier

** Stock on track for worst session in over 2 months

** Co's posts higher Q4 profit, rev but warns of margin pressure due to U.S. tariffs

** Says, "It is premature to provide FY26 guidance as the business environment remains hard to predict"

** Also halts non-critical, discretionary spend until it get clarity on tariffs front

** ARVN down 7.3% YTD

(Reporting by Manvi Pant in Bengaluru)

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** Shares of India's textile makers rise after Britain and India sign major trade agreement

** India's trade ministry said 99% of Indian exports would benefit from zero duty under the deal, including textiles

** Textile makers Gokaldas Exports GOKL.NS, Arvind Ltd ARVN.NS, K.P.R. Mill KPRM.NS, and Kitex Garments KITE.NS were up 7.2%, 3.3%, 7.9%, and 5%, respectively

** "India has advantage of cheap labour cost and high cotton supply, which benefit the domestic textile producers in long run," ICICI Securities said

** Adds, cos with integrated business model and high standards of quality production like Gokaldas Exports, KPR Mills, SP Apparels, Indo Count ICNT.NS and Welspun Living WLSP.NS will benefit from the pact in medium to long run

** ICNT jumps 6.5% and WLSP gains 7.3%

** ICICI Securities also says lower tariffs on footwear products is positive for Indian footwear companies such as Bata India BATA.NS, Metro brands METB.NS, Relaxo footwear RLXO.NS to explore opportunities in the UK market

(Reporting by Vijay Malkar)

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** Textile stocks gain between 4% and 9%; Vardhman Textiles VART.NS, with presence in more than 75 countries, top gainer, soaring 8.9%

** Arvind ARVN.NS rises 4.3%, KPR Mill KPRM.NS advances 6.5%, Nitin Spinners NISP.NS jumps 4.45% and Gokaldas Exports gains 8.16%

** Donald Trump's 26% reciprocal tariffs on India lower than those on competitors like Bangladesh (37%), Vietnam (46%) and Cambodia (49%)

** Ajay Sahai, Director General at Federation of Indian Export Organizations, says, "We will be looking for some diversion of business from other countries to India"

** "For India, the advantage is a potential bilateral trade agreement with the U.S."

** Tiruppur Exporters' Association, seeking certain quantity of duty-free cotton exports to the U.S., says it is in talks with ministries

(Reporting by Ananta Agarwal in Bengaluru and Praveen Paramasivam in Chennai)

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Jan 28 (Reuters) - Indian clothing retailer Arvind Ltd ARVN.NS reported a 13% rise in its third-quarter profit on Tuesday, boosted by strong demand for textiles during the festive season.

The company, which retails international brands including Tommy Hilfiger, Arrow, and Calvin Klein, posted a consolidated net profit of 1.03 billion rupees ($11.90 million) in the quarter ended Dec. 31, up from 917 million rupees a year earlier.

The festive season, running from September to January, traditionally contributes significantly to retailers' annual sales as consumer spending surges during the period.

Textile manufacturers capitalized on the steady demand by offering discounts to attract buyers, despite the headwinds from persistent inflation.

Arvind reported a near 11% growth in revenue from operations, driven by an 11% increase in revenue from its core textile segment, which accounts for 74% of its total sales.

The textile segment saw strong volume growth during the quarter, aided by new customer acquisitions, while margins remained stable across segments, Arvind said in its investor presentation.

Total expenses grew 10% during the reported quarter as prices of cotton, its key raw material, remained elevated.

The advanced materials segment, through which Arvind makes fabrics and protective gear for construction work, grew 9%.

($1 = 86.5300 Indian rupees)

(Reporting by Ashna Teresa Britto; Editing by Rashmi Aich)

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Dec 19 (Reuters) - Arvind Ltd ARVN.NS:

• INVESTS 249.9 MILLION RUPEES IN SUBSIDIARY ARVIND ADVANCED MATERIALS

Source text: ID:nNSE3tqNXn

Further company coverage: ARVN.NS

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** Shares of Arvind ARVN.NS rise as much as 19.7% to 373.7 rupees, eye best one-day pct gain since Oct. 13, 2021

** Co posts a 19% rise in Q2 pre-tax profit, aided by higher textiles demand

** Rev from ops up 14%, aided by 12% rev growth in core textile segment, which accounts for ~74% of total sales

** More than 2.2 mln shares change hands, 5.7x 30-day avg

** Seven analysts covering the stock, on avg, have a "buy"; median PT is 459 rupees - LSEG data

** Stock up 41% so far this year

(Reporting by Ashna Teresa Britto in Bengaluru)

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Sept 9 (Reuters) - Arvind Ltd ARVN.NS:

• ARVIND - MADE FURTHER INVESTMENT OF 480 MILLION RUPEES IN UNIT ARVIND TECHNICAL PRODUCTS

Source text for Eikon: ID:nBSE9YVtT3

Further company coverage: ARVN.NS

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** Shares of Indian textile companies and garment makers surge between 3-11%

** Welspun Living WLSP.NS climbs 9%, Trident TRIE.NS up 8%, Gokaldas Exports GOKL.NS jumps 11%

** KPR Mill KPRM.NS rises 6%, Arvind ARVN.NS gains 4.3%, Arvind Fashions ARVF.NS is up 3.5%, Go Fashion GOFA.NS gains 3%

** Political unrest in Bangladesh is expected to disrupt the country's clothing industry, potentially affecting global apparel retailers

** Bangladesh was the third-largest clothing exporter in the world last year

** There are some hopes that because of political unrest, big brands outsourcing their manufacturing in Bangladesh may see India as an option - Pratik Tholiya, analyst with Systematix

** Some of the business may come to India. But, the manufacturing setup in India is not as robust as Bangladesh - Tholiya

(Reporting by Sethuraman NR in Bengaluru)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

BENGALURU, July 29 (Reuters) - Indian clothing retailer Arvind ARVN.NS posted a 40% fall in its first-quarter profit, as inflationary pressures weighed on consumer spending on apparels despite discounts.

The company, which sells international brands like Tommy Hilfiger, Arrow and Calvin Klein, said its consolidated net profit fell to 393.1 million rupees ($4.7 million) from 658.7 million rupees a year earlier.

Arvind's shares fell 2.8% after the results.

Indian textile manufacturers were met with weak demand environment throughout fiscal year 2024, as consumers were weary of spending on discretionary items.

Following this, the retail inflation rate for the April-June quarter hovered around 5%, primarily due to high food prices. This led to a decrease in spending on non-essential items.

Arvind posted a 1% fall in revenue from operations, while revenue from its core textile segment, which accounts for 73% of total sales, slipped 5% from a year earlier.

The company also flagged "illegal workers' unrest" that impaired the performance at its largest factory for 21 days, affecting businesses like the woven and denim segments.

The strike had an approximate impact of about 2 billion rupees on revenue, the company said.

Retailers have been offering discounts to sway customers into buying their products.

Arvind's total expenses rose 1%, further hurting its margins.

The advanced materials segment, through which Arvind makes fabrics and protective gear for construction work, fell about 4%.

Earlier this month, rival department-store chain Shoppers Stop SHOP.NS swung to a quarterly loss, as high inflation weighed on consumer spending.

($1 = 83.7250 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru; Editing by Sherry Jacob-Phillips and Mrigank Dhaniwala)

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** Shares of textile co Arvind ARVN.NS rise as much as 3.6% to 388.74 rupees

** Co says workers at one of its plants have called off a strike after Labour Court declared it illegal

** Adds, operations are getting back to normal

** Analysts' avg rating on the stock is "strong buy", median PT is 445.50 rupees

** Including session's gains, stock is up ~45% so far this year

(Reporting by Yagnoseni Das in Bengaluru)

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June 12 (Reuters) - Arvind Ltd ARVN.NS:

• UPDATE ON ILLEGAL STRIKE AT SANTEJ PLANT OF COMPANY

• STRIKE WAS DECLARED ILLEGAL BY LABOUR COURT VIDE AN ORDER DATED JUNE 6, 2024

• STRIKE HAS BEEN CALLED OFF BY WORKERS

• OPERATIONS OF CO AT SANTEJ PLANT WHICH WERE PARTIALLY IMPACTED DUE TO STRIKE ARE GETTING TO NORMALCY

• CO HAS ESTIMATED POTENTIAL LOSS OF REVENUE OF AROUND 1.8-2 BILLION RUPEES AND REDUCTION IN EBIDTA OF ABOUT 600-650 MILLION RUPEES

Source text for Eikon: ID:nBSE90T8hX

Further company coverage: ARVN.NS

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May 22 (Reuters) - Arvind Ltd ARVN.NS:

• ARVIND LTD - OPERATIONS OF PLANT SITUATED IN GUJARAT PARTIALLY AFFECTED IN VIEW OF STRIKE BY WORKERS DEMANDING HIGHER WAGES ETC

Source text for Eikon: ID:nBSE2NJGqk

Further company coverage: ARVN.NS

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** Shares of clothing retailer Arvind ARVN.NS rise 10% to a record high of 366.5 rupees

** Co reported a rise in Q4 consol net profit on stable textile demand, rev from ops grew 10%

** Brokerage Nuvama ups PT on stock by 7% to 375 rupees, retains "Buy" rating

** We bake in 18% compound annual growth rate for overall sales over next two years on strong demand outlook - Nuvama

** Antique Stock Broking ups PT to 455 rupees from 358 earlier, maintains "Buy"

** Sees growth in co's advanced materials and garments segments as demand is showing signs of recovery

** At least three brokerages hiked PTs post results, analysts' avg rating is "Buy", median PT is 435 rupees

** Including session's gains, stock is up 32% so far this year

(Reporting by Manvi Pant in Bengaluru)

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May 6 (Reuters) - Arvind Ltd ARVN.NS:

• ARVIND LTD - WITH INVENTORY CORRECTION BEHIND, AND FRESH ORDER BOOKING, DEMAND OUTLOOK IS POSITIVE FOR FY25

• ARVIND LTD - STEPPING UP CAPITAL EXPENDITURE TO 4 BILLION RUPEES - 4.5 BILLION RUPEES FOR NEW PROJECTS

Source text for Eikon: ID:nBSEPkQzP

Further company coverage: ARVN.NS

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Jan 30 (Reuters) - Arvind Ltd ARVN.NS:

• DEFLATED PRICES DRIVEN BY LOWER INPUT COSTS KEPT REVENUE NUMBERS MUTED IN QUARTER

• EXPECT Q4 TO DELIVER BETTER RESULTS ACROSS VOLUME/REVENUE GROWTH, HEALTHY MARGINS AND RETURNS

• EXPECT LONG TERM BORROWING TO CLOSE YEAR WITHIN 4 BILLION RUPEES MARK

Source text for Eikon: ID:nBSEbgNwq9

Further company coverage: ARVN.NS

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** Branded retailer Arvind Fashions ARVF.NS deserves higher valuation, given portfolio of marquee brands, lean balance sheet, and ample room for margin expansion- Nuvama

** Brokerage calls stock a "long-term" recommendation

** Initiates with "buy" and street high TP 660 rupees

** TP represents 39% premium to current price; Median TP at 544 rupees; Stock up 0.8% at 475 rupees on Thursday

** Nuvama sees revenue/EBITDA CAGR of 12%/22% (ex-Sephora) over FY23–26 and EBITDA/PAT CAGR of 22%/91%

** Says U.S. Polo Assn, Tommy Hilfiger, Calvin Klein generating healthy operating cash flows

** ARVF gained 19% in 2023 and is already up 16% so far this month

** ARVF is rated "strong buy" along with peer Go Fashion GOFA.NS - LSEG data

(Reporting by Sethuraman NR)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

** Shares of Arvind ARVN.NS rise as much as 9.69% to a record high of 252.90 rupees apiece

** Brokerage Avendus Spark initiates coverage of the textiles maker with a "buy" and a target price of 352 rupees, an implied upside of 52.4%

** Cash flow allocation, operational structure have improved since ARVN underwent transformations in textile businesses in 2018 - Spark

** Estimates revenue compound average growth rate (CAGR) of 13% from fiscal 2024 to 2026 led by advanced materials and garments segments

** Sees diversion of cash flow from core textile business to margin-lucrative advanced materials business as a potential driver of improved capital efficiency

** Including session's gains, ARVN shares up 175% in 2023 so far - LSEG data

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

** Brokerage Antique Stock Broking starts coverage of India's Arvind Fashions ARVF.NS with a "buy" rating and TP of 565 rupees

** Says co, which retails brands like Arrow and Calvin Klein (CK), has "very strong portfolio" of brands in fast-growing casual wear category

** Focus over the next 2-3 years on scaling up existing brands and not new additions, ARVF well placed to revive Arrow, CK, Tommy Hilfiger and Flying Machine brands - note

** Adds optimism on the back of strong casual apparel market, CK's potential to turn into a power brand, corrective actions for improving supply chain and working capital

** Mean recommendation of 5 analysts is equivalent to "strong buy"; median TP is 505 rupees - LSEG data

** Stock last up 1.4%, taking YTD gains to over 26%

(Reporting by Hritam Mukherjee in Bengaluru)

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BENGALURU, Nov 7 (Reuters) - India's Arvind Fashions ARVF.NS reported a 18.9% rise in the second-quarter profit on Tuesday, aided by healthy sales of clothing and footwear and as power brands helped it maintain wider margins.

The Bengaluru-based company's consolidated net profit rose to 216.6 million rupees ($2.60 million) for the quarter ended Sept. 30 from 182.2 million rupees a year earlier, sending its shares up as much as 8%.

While consumer demand continued to remain soft, Arvind Fashions' strong performance in the multi-brand outlet channel and tighter control over inventories resulted in higher profit, the company said.

The earnings before interest, taxes, depreciation, and amortization (EBITDA) margin improved by about 50 basis points from a year ago, it added.

Fashion retailers have seen a shift in demand due to a delayed festive season, which for 2023, began late October.

Usually, the festive season aids companies clock higher annual sales as customers spend on clothes, accessories and footwear.

Arvind Fashions, which has a portfolio of owned and licenced international brands such as Arrow and Calvin Klein, said its consolidated revenue from operations rose 7% to 12.67 billion rupees in the September quarter.

Revenue from so-called power brands like US Polo and Tommy Hilfiger, which accounts for more than 80% of the total, rose 5%.

The company's emerging brands segment clocked a 19% jump in revenue while the footwear segment posted revenue growth of about 20%.

Last week, Arvind Fashions exited its Sephora India business as the company sold its beauty brands division to billionaire Mukesh Ambani's retail unit Reliance Retail.

Rival Shoppers Stop SHOP.NS last month reported a drop in the second-quarter profit.

Tata Group-owned Trent TREN.NS, that operates retail chain Westside, reported a near three-fold surge in profit on Tuesday.

($1 = 83.2600 Indian rupees)

(Reporting by Dimpal Gulwani in Bengaluru; Editing by Mrigank Dhaniwala)

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** Arvind Fashions ARVF.NS jumps 11.5% in heavy volume on deal to sell its beauty brands

** Stock posts its biggest intraday pct climb since Sept 27

** Apparel retailer to sell its beauty brands division to Reliance Retail for about $26 mln

** ARVF was already up 2.4% before the news

** Reliance Industries RELI.NS has barely budged from its 0.3% gain before the news

** ARVF last up 7.3%, which flips stock to YTD gains of ~1%

** Stock set for its busiest trading day since Dec 2022

($1 = 83.2500 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru)

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Oct 31 (Reuters) - Arvind Ltd ARVN.NS:

• SEPT-QUARTER CONSOL NET PROFIT 800.1 MILLION RUPEES VERSUS PROFIT 1.25 BILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 19.22 BILLION RUPEES VERSUS 21.7 BILLION RUPEES

Further company coverage: ARVN.NS

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Oct 17 (Reuters) - Arvind Ltd ARVN.NS:

• NIGAM SHAH APPOINTED AS CHIEF FINANCIAL OFFICER

Source text for Eikon: ID:nBSE7VJcYJ

Further company coverage: ARVN.NS

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** Shares of Arvind Fashions Ltd ARVF.NS fall as much as 6.9% to 312.2 rupees, biggest intraday pct. loss since Dec. 23

** Apparel retailer's June-qtr consolidated net loss widensto 164.3 mln rupees vs 5.1 mln rupees a year earlier, revenue from operations rises 4%

** Trading volume at ~594,100 shares as of 1:30 p.m. IST, 3.3x the 30-day avg

** Stock down nearly 9% so far this year

(Reporting by Biplob Kumar Das in Bengaluru)

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July 27 (Reuters) - Indian cloth manufacturer Arvind ARVN.NS reported a 33% slide in quarterly profit on Thursday, hurt by falling revenue in its key denim segment, even as expenses reduced.

The company, which houses brands such as Calvin Klein, Ed Hardy and Tommy Hilfiger, said its consolidated net profit fell to 658.7 million rupees ($8.04 million) for the quarter ended June 30 from 984.2 million rupees a year earlier.

The global textiles demand outlook for the current year remained soft, analysts had said.

Indian home textile and apparel exporters expect demand to remain muted in the first half of the financial year 2024 on account of excess inventory liquidation, JM Financial analysts had said in June.

The Ahmedabad-based company's consolidated revenue from operations dropped 21% to 18.53 billion rupees.

Total expenses were down 20.6% in the quarter, with the cost of materials consumed falling 30.2% to 8.44 billion rupees.

Arvind's profit in its mainstay textiles division dropped 28%, while that in its advanced materials segment - which includes composites, industrials and human safety materials -increased 22%.

The textile segment's denim revenue shrunk 39% as price realisations remained low, while that from the woven segment fell 16% as demand remained sluggish.

Arvind said demand across its key US, Europe and domestic markets remained soft and muted. It hoped the festival season in the early third quarter to bring improvement in the domestic market.

It expected denim and garment volumes to further rise, but woven volumes to remain steady in the near future.

Arvind had said in May that despite uncertainties in the near term, it expected improvements in the second half of the financial year.

The company said it is on track with its capex guidance of 6 billion rupees to augment capacities and work on sustainability initiatives.

The company is also in line with the plans of reducing long-term debt and reduced it by 19%, having closed the quarter at a net debt of 13 billion rupees.

Shares of the company fell 7.6% after the results.

($1 = 81.9400 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru; Editing by Sohini Goswami)

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