Arvind Mills net up 10 pc in Q1

AHMEDABAD: Textile major Arvind Mills Ltd has reported a 9.77 per cent rise in net profit for the first quarter of financial year 2003-04 on a 4.5 per cent increase in net sales.
While net profits for the quarter ended June 30, 2003, rose to Rs 28.08 crore against Rs 25.58 crore in the corresponding quarter last year, net sales for the quarter stood at Rs.369.63 crore as compared to Rs.353.81 crore for the corresponding period previous year.
AML chief financial officer and director Jayesh Shah said the improved performance of the shirting business and stable denim realization had helped report a better performance for the quarter despite a weak US dollar and higher cost of cotton.
Sanjay Lalbhai, managing director, AML said: "To continue with our vertical integration strategy to take advantage of the quota disman-tling from 2004 end, we are investing in garmenting facilities in all our products segments with the new shirts plant at Bangalore and jeans plant at Mauritius expected to become operational by October 2003."