Arvind Ltd. — Interim / Quarterly Report 2022

Jan 27, 2022

L ArVIno

www.arvlnd com

January 27, 2022

BSE Ltd . Listing Dept. I Dept. of Corporate Services Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400 001

National Stock Exchange of India Ltd. Listing Dept., Exchange Plaza, 5th Floor Plot No. C/1, G. Block Bandra-Kurla Complex Bandra (E) Mumbai - 400 051

Security Code: 500 101 Security ID: ARVIND

Symbol : ARVIND

Dear Sir I Madam,

Sub: Outcome of the Meeting of the Board of Directors held on 27th January 2022

Ref.: Regulations 30, 33 and other applicable provisions of the SEBI (Listing Obligations and

Disclosure Requirements) Regulations, 2015.

Pursuant to Regulations 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith the following:

• 1. Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and nine months ended 3pt December 2021 approved by the Board of Directors of the Company at their meeting held today along with Limited Review Reports by the Deloitte Haskins & Sells LLP, Statutory Auditors of the Company, for the said quarter.
• 1. A copy of the press release being issued by the Company in respect of unaudited financial results for the quarter ended 3pt December 2021.
• 1. Investor Presentation issued in this regard.

The meeting of the Board of Directors of the Company commenced at 11:30 a.m. and concluded at IJ : ?O f' in ·

You are requested to bring this to the notice of all concerned.

Thanking You,

Yours faithfully,

fil~ ,,,,..----- . R. V. Bhimani

Company Secretary

Encl: As above

Arvind Limited, Naroda Road, Ahmedabad. 380 025, India Tel.: +91 79 68268000 CIN: L 17119GJ1931 PLC000093

Chartered Accountants 19th floor, Shapath-V S.G. Highway Ahmedabad-380 015 Gujarat, India

Tel: +91 79 6682 7300 Fax: +91 79 6682 7400

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF Arvind Limited

• 1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of Arvind Limited (''the Company"), for the quarter and nine months ended December 31, 2021 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
• 1. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Place: Ahmedabad Date: January 27, 2022

For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018)

:K~~,i:J(

Kartikeya Raval (Partner) (Membership No. 106189) UDIN: '.l-'l.. \0<;.\~9Plf'IAAB~'1'13S'

Page 1 of 1

J\fVJnD

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31 2021

						[~ in Crores except per share data]
	Sr. Particulars		Quarter Ended		Nine Months Ended		Year Ended
No.		31.12.2021	30.09.2021	31.12.2020	31.12.2021	31.12.2020	31.03.2021
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1	Income
	(a) Revenue from Operations (b) Other Income	2,129.47 14.45	1,988.61 25 .76	1,371.79 19.64	5,458,00 52.45	3,034,57 42 .20	4,528.54 64 .62
	Total Income	2,143.92	2,014.37	1,391.43	S,510.45	3,076.77	4,593.16
2	Expenses (a) Cost of materials consumed	1,11 1.94	1,049.49	604.49	2,977.61	1,231.42	1,952.93
	(b) Purchase of stock-in-trade	41 .98	28.94	11.95	77.66	84.63	107 44
	(c) Changes in inventories of finished goods1 work-in-progress and stock-in-trade	10.86	(28 .63)	54 85	(197.65)	172.86	131.16
	(d) Project Expenses	9 .19	36.91	3.49	5 1.75	15.11	23.97
	(e) Employee benefits expense	180 08	180.67	158.53	521.86	426 ,17	586.88
	(f) Finance Costs	38.06	45.89	51 ,15	128 .52	16 1. 56	209 ,65
	(g) Depreciation and amortisation expense	53.34	53.07	58 ,56	160.01	178.92	236.43
	(h) Other Expenses Total Expenses	56138 2,006.83	503.5.S 1,869.89	377.88 1,320.90	1 480.02 5,199.78	34 5_39 3,116.56	1 2.61.73 4,510.19
3	Profit/(Loss) before Exceptional Items and Tax (1-2)	137.09	144.48	70.53	310.67	(39.79)	82.97
4	Exceptional Item (Refer Note 2)	(14 .22)	(3 1.47)	(0. 34)	(7 1.89)	(3.35)	(26 .93)
5	Profit/(Loss) before tax (3+4)	122.87	113.01	70.19	238.78	(43.14)	56.04
6	Tax Expense :
	- Current Tax	20 ,03	18.58		39.07		3 40
	- Short/( Excess) provision of earlier years	-	-		-	-	(4 .83)
	- Deferred Tax charge/(credit) Total Tax Expense/(Credit)	2 3.48 43.51	i9.71	23 .75	43 .74 82.81	183 .421 (83.42)	(35 . 201 (36.63)
			38.29	23.75
7	Profit for the period (5-6)	79.36	74.72	46.44	155.97	40.28	92.67
8	Other Comprehensive Income/(Loss) (net of tax)
	(a) Items that will not be classified to profit and loss
	(i) Remeasurement of defined benefit plan (ii) Income tax related to items no (i) above	5 .16	5. 16	0.02	15.48	0.06	22.27
	(b) Items that will be reclassified to profit and loss	(1.80)	(1 80)	(0.01)	(5.40)	(0.03)	(7.78)
	(i) Effective portion of gain on cash flow hedges	27 .17	11.51	23 .03	27.07	70.73	53 .62
	(ii) Income tax related to items no (i) above	(9.501	14.021	18.051	19.46)	124.721	(18.74)
	Other Comprehensive Income (net of tax)	21.03	10.85	14.99	27.69	46.04	49.37
9	Total Comprehensive Income for the period (7+8)	100.39	85.57	61.43	183.66	86.32	142.04
	10 Paid-up Equity Share Capital (Face Value~ 10/- per share)	260 .59	259.04	258 .92	260.59	258.92	258 .92
	11 Other Equity						2,682.08
	12 Earnings per Share in~ - (Not Annualised)
	- Basic	3 .05	2,89	1.80	6 ,01	1.56	3 .58
	- Diluted	3 ,05	2.87	I. SO	5.99	1.56	3.57
	(See accompanying notes to the Standalone Financial Results)

Notes:

1 The above standalone unaudited financial results were reviewed by the Audit Committee and have been considered and approved by the Board of Directors at their meeting held 0 1' January 27, 2022. The same have been subjected to Limited Review by the Statutory Auditors .

2 Exceptional items represents following ;

Partii:ulars		Ouart.e r Ended		Nine Months Ended	Year Ended
	31.12.21'121		~o oq 2n n ::i1.1 , ,,n2n	''11.12.21'1?1	::11.12.2020	31.113.2021
	lln- h>d	1Jnt111tlit-r•,	lln~udl• ~	1Jnr1urti.-n. 11	UnautlJr-	Audit<>d
(a) RetrencM ment Compe 11sat1on		-			2.23	2. 23
(b) Provision / (Reversal) of diminution in value of investments, loans and share
application money	14,22	3 1.47	0 .34	68 .27	1. 12	(15 .40)
(c) Interest on Stamp Duty on Demerger in financial year 2016 17				3.62		-
(d) Loss on Sale of Investments		-		-	-	40.10
Total	14.22	31.47	0. 34	7.l.89	3.35	26.93

3 Other Income includes share of Loss from LLPs amounting to~ 0.02 crores and ~ 0 02 crores for the quarter ended December 31, 2021 and September 30, 2021 respectively and Loss of~ 0.60 crores for the nine months ended on December 31, 2021 (previous year - Loss of~ 0.02 crore for the quarter ended December 31, 2020, nine months ended December 31, 2020 and Loss of ~ 0.32 crores for the year ended March 31, 2021 respectively). Loss of ~ O 13 crore for the

Arvind Limited, Naroda Road. Ahmedabad 380 025, India Tel. +91 79 68268000 CIN: L 17119GJ1931 PLC000093

AfVInD .,...,. a d-.

Particulars		Quarter Ended		Nine Months Ended	Year Ended
	31.12.2021	30.09.2021	31.12.2020	31.12.2021	31.12.2020	31.03.2021
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
Net Worth (Share Capital + Other Equity)	3,132.04	3,025.36	2,884.81	3,132.04	2,884.81	2,941.00
Debenture Redemption Reserve			50.00		50.00
(a) Debt Service Coverage Ratio	1.06	1.50	1.14	$1 - 21$	0.53	0.67
(b) Interest Service Coverage Ratio	5.63	4.62	3.52	4.10	1.84	2.40
(c) Debt / Equity Ratio (In times)	0.55	0.63	0.71	0.55	0.71	0.65
(d) Current Ratio (In times)	1.10	1.12	1,10	1,10	1,10	1,10
(e) Long Term Debt to Working Capital (In times)	2,23	2.33	3.05	2,23	3.05	2.95
(f) Bad Debts to Account Receivable Ratio (%)	0.00%	$0.00\%$	0.00%	0.00%	0.00%	0.03%
(g) Current Liability Ratio (In times)	0.71	0.68	0.62	0.71	0.62	0.66
(h) Total Debts to Total Assets (In times)	0.25	0.28	0.32	0.25	0.32	0.29
(i) Debtors Turnover (In times)(Annualised)	9.48	8.76	6.23	8.13	4.61	4.94
(i) Inventory Turnover (In times) (Annualised)	7.09	7.18	5.90	6.08	4.36	4.45
(k) Operating Margin (%)	7.55%	8.28%	7.44%	7.09%	2.62	5.03%
(I) Net Profit Margin (%)	3.73%	3.76%	3.39%	2.86%	1.33	2.05%

charge on certain identified property, plant and equipment of the Company whereby value of underlying assets exceeds hundred percent of the principal amount of the said debentures.

(b) Formula for computation of ratios are as under:

(a) Debt Service Coverage Ratio	Earnings before Interest, Tax, Depreciation & amortisation / Interest Expenses + Principal Repayments made during the year of long term loans
(b) Interest Service Coverage Ratio	Earnings before Interest, Tax, Depreciation & amortisation / Interest Expenses
(c) Debt / Equity Ratio	Total Debt / Total Equity
(d) Current Ratio	Current Assets / Current Liabilities
(e) Long Term Debt to Working Capital	Non-Current Borrowings (Including Current Maturities of Non-Current Borrowings) / Current Assets Less Current Liabilities (Excluding Current Maturities of Non-Current Borrowings)
(f) Bad Debts to Account Receivable Ratio (%)	Bad Debts / Average Trade Receivables
(g) Current Liability Ratio	Total Current Liabilities / Total Liabilities
(h) Total Debts to Total Assets	Total Debts / Total Assets
(i) Debtors Turnover	Revenue from Operations / Average Trade Receivables
(i) Inventory Turnover	Revenue from Operations / Average Inventories
(k) Operating Margin (%)	(EBIT - Other Income) / Revenue from Operations
(I) Net Profit Margin (%)	Profit After Tax / Revenue from Operations

5 In view of COVID 19 pandemic, the management has considered internal and external sources of information for evaluating the financial results and has concluded that there is no significant impact of the same on the financial results of quarter and nine months ended December 31, 2021. Given the uncertainties associated with the nature, condition and duration of COVID-19, the Company will closely monitor any material changes arising out of the future economic conditions and its impact on the business of the Company~

6 Pursuant to the approval granted by the Union Cabinet on July 14, 2021 For continuation of Rebate of State and Central Taxes and Levies (RoSCTL) with the same rates (as notified on March 8, 2019) on exports of apparel and made ups, the Company had recognized the benefit of RoSCTL of~ 21.56 crores during the quarter ended June 30, 202 1. Out of this, ~ 11.40 crores benefit pertains to the eligible export sales of the quarter ended March 31, 202 1.

The textiles products that are not covered under the RoSCTL scheme are eligible for benefit under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme with effect From January 01, 2021. Considering that the rates of RoDTEP were notified on August 17, 2021, the Company had recognized lhe benefit of RoDTEP of ~ 29. 18 crores during the quarter ended September 30, 2021. Out of this, ~ 6.69 crores benefit pertains to the eligible export sales of quarter ended March 31, 2021, and ~ 10 ¹⁰crores benefit pertains to the eligible export sales of quarter ended June 30, 2021.

7 At the time of transition to Indian Accounting Standards (IND AS) with effect From April 1, 2015, the Company had recognised Fair value of its land parcels in its books of accounts and recognised deferred tax liabillty on such fair Valued Land as company expected sale of such land parcels on a piecemeal basis, delinked from the business .

During the year ended March 31, 2021, the Company has reassessed the expected manner of recovery of the carrying value of all land parcels and has llOW determined that a number of such land parcels would not be delinked from the business as they either form an integral part of the business operations or are proximate to the factory premises. Consequently, the Company currently expects that in the event of disposal of most of the land parcels in future, these would only be disposed off along with the business and in a slump sale arrangement thereby resulting in no temporary difference between the accounting position and position as per tax laws upon such future disposal

Accordingly, the Company has reversed deferred tax liability amounting to ~ 65,62 crores pertaining to such land parcels in the Statement of Profit and loss during the year ended March 31, 2021.

Ahmedabad

For Arvl nd limited

Arvind Limited. Naroda Road. Ahmedabad. 380 025, India rel.: +91 79 68268000 CIN L 17119GJ1931 PLC000093

AfVInD "'""""' .1 ,,, ... u ^r

	SEGMENTWISE REVENUE, RESULTS, SEGMENT ASSETS AND LIABILITIES (STANDALONE) FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31,2021
							[~in Crores]
	Sr. Particulars		Quarter Ended			Nine Months Ended	Year Ended
No		31.12.2021	30.09.2021	31.12.2020	31.12.2021	31.12.2020	31.03.2021
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
	1 Segment Revenue (Net Sales/Income ftom Operations)
	(a) Textiles	1,869.07	1,696.29	1, 184,98	4,714.42	2,S67.98	3,8S4.8S
	(b) Advanced Material	232.46	264 14	163.90	668.60	412 .90	S82.S3
	(c) Others	28 .12	28.30	23.19	7S.60	S4.90	92.43
	Total	2,129.65	1,988.73	1,372.07	5,458.62	3,035.78	4,529.81
	Less : Inter Segment Sales	0.18	0.12	0 .28	0 .62	1.21	1.27
	Net Sales/Income from Operations	2,129.47	1,988.61	1,371.79	5,458.00	3,034.57	4,528.54
	2 Segment Results (Profit/(Loss) before interest&. Tax) (a) Textiles
	(b) Advanced Material	167.6S 24.89	189.83 26. 64	127.16 16.46	44S.4S 69.89	149.87 41.86	318 40 61.2S
	(C) Others	(6. 8S)	(12.Sl)	(10.44)	(31. 32)	(34. 13)	(46.02)
	Total	185.69	203.96	133.18	484.02	157.60	333.63
	Less :
	(a) Interest and Finance Charges (Net)	38.06	4S .89	SI. IS	128.S2	161,S6	209 .6S
	(b) Other Unallocable expenditure (net of un·allocable income)	24.76	4S.06	11. 84	116.72	39.18	67.94
	Profit/(Loss) Before Tax	122.87	113.01	70.19	238.78	(43.14)	56.04
	3 Segment Assets
	(a) Textiles	4,4S0.44	4,243.31	3,934,09	4,450.44	3,934.09	4 ,200,92
	(b) Advanced Material	499.22	Sll.11	3S0.66	499 .22	3S0,66	379.11
	(C) Others	196.30	200.49	16S 04	196.30	16S 04	18S,92
	(d) Unallocable Total Segment Assets	1,773.29 6,919.25	1,846.71 6,801.62	1,94S.44 6,395.23	1,773.29 6,919.25	1,945.44 6,395.23	1,842.78 6,608.73
	4 Segment Liabilities
	(a) Textiles	1,672.65	1,479.82	1,219. 17	l,672 .6S	1,219.17	1,49S.41
	(b) Advanced Material	123. 39	123.43	82.81	123.39	82.81	96.16
	(c) Others	177. 32	16S 27	89,60	177.32	89.60	127.84
	(d) Unallocable	99.40	97.S7	57.03	99.40	S7.03	34.S4
	Total Seoment Liabilities	2,072.76	1,866.09	1448.61	2 072.76	1,448.61	1, 753.95

Notes:

Considering the nature of the Company's business and operations, as well as based on reviews performed by Chief operating decision maker regarding resource allocation and performance management, the Company has identified following as reportable segments in accordance with the requirement s of Ind AS 108 - "Operating Segments",

Classification of Reportable Segments :

1 Textiles : Fabrics 1 Garments and Fabric Retail

2 Advanced Materials : Human Protection fabric & garments, Industrial Products, Advance Composites and Automotive fabrics.

3 Others : E-commerce, Agriculture Produce, EPABX and One to Many Radio, Water Treatment and Others.

Ahmedabad January 27, 2022

For Arvind Limited

Arvind Limited. Naroda Road. Ahmedabad 380 025, India Tel .. +91 79 68268000 CIN l. 17119GJ1931 Pl.C000093

Chartered Accountants 19th floor, Shapath-V S.G. Highway Ahmedabad-380 015 Gujarat, India

Tel: +91 79 6682 7300 Fax: +91 79 6682 7400

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF Arvind Limited

• 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of ARVIND LIMITED ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), and its share of the net profit after tax and total comprehensive income of its joint ventures for the quarter and nine month ended December 31, 2021 (''the Statement") being submitted by the Parent pursuant to the requirement of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended .
• 1. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of Parent's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable .

• 1. The Statement includes the results of the parent, subsidiaries and joint ventures as given in the Annexure to this report.
• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Page 1 of 3

1. We did not review the financial information of 12 subsidiaries included in the consolidated unaudited financial results, whose interim financial information reflect total revenues of Rs. 240.54 crores and Rs.557.03 crores for the quarter and nine months ended December 31, 2021 respectively, total net profit/(loss) after tax of Rs. 4.95 crores and Rs. (46.66) crores for the quarter and nine months ended December 31, 2021 respectively and total comprehensive income/(loss) of Rs. 0.75 crores and Rs. (58.98) crores for the quarter and nine months ended December 31, 2021 respectively as considered in the Statement, whose interim financial information have not been reviewed by us. These interim financial information have been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion on the Statement is not modified in respect of these matters.

1. The consolidated unaudited financial results includes the interim financial information of 12 subsidiaries which have not been reviewed by their auditors, whose interim financial information reflects total revenue of Rs. 49.21 crores and Rs. 105.23 crores for the quarter and nine months ended December 31, 2021 respectively, total loss after tax of Rs. 1.19 crores and Rs. 4.38 crores for the quarter and nine months ended December 31, 2021 respectively and Total comprehensive loss of Rs. 0.82 crores and Rs. 2.94 crores for the quarter and nine months ended December 31, 2021 respectively, as considered in the Statement. The consolidated unaudited financial results also includes the Group's share of profit after tax of Rs. 0.18 crores and Rs. 0.04 core for the quarter and nine months ended December 31, 2021 respectively and total comprehensive income of Rs. Rs. 0.18 crores and Rs. 0.04 core for the quarter and nine months ended December 31, 2021 respectively, as considered in the Statement, in respect of 6 joint ventures, based on their interim financial information which have not been reviewed by their auditors. According to the information and explanations given to us by the Management, these interim financial information are not material to the Group.

Our Conclusion on the Statement is not modified in respect of our reliance on the interim financial information certified by the Management.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Kartikeya Raval (Partner) (Membership No. 106189) UDIN: 2.'l. lo6 \ ~9 f'tf'if'IP, \?:,'f 1CS1

Place: Ahmedabad Date: January 27, 2022

Annexure to Independent Auditor's Review Report

The Parent

1. Arvind Limited

List of Subsidiaries

• 1. Arvind PD Composite Private Limited
• 1. Arvind OG Nonwovens Private Limited
• 1. Arvind Internet Limited
• 1. Arvind Goodhill Suit Manufacturing Private Limited
• 1. Arvind Smart Textile Limited
• 1. Syntel Telecom Limited
• 1. Arvind Envisol Limited
• 1. Arvind Worldwide Inc. USA
• 1. Arvind Nilloy Exports Private Limited
• 1. Arvind Textile Mills Limited
• 1. Westech Advanced Materials Limited
• 1. Arvind Lifestyle Apparel Manufacturing PLC, Ethiopia
• 1. Brillaire Inc, Canada
• 1. Maruti and Ornet Infrabuild LLP
• 1. Arvind Sports Fashion Private Limited (Formerly known as Arvind Ruf and Tuf Private Limited)
• 1. Arvind Premium Retail Limited
• 1. Arvind True Blue Limited
• 1. Arvind Enterprise FZC
• 1. Arvind BKP Berolina Private Limited (Formerly known as Arvind Transformational Solutions Pr iv ate Limited)
• 1. Arya Omnitalk Wireless Solutions Private Limited
• 1. Arvind Envisol, PLC
• 1. Enkay LLP
• 1. Arvind Polser Engineered Component Panels Private Limited
• 1. AJ Environmental Solutions Company

List of Joint Ventures

• 1. Arya Omnitalk Radio Trunking Services Private Limited
• 1. Arudrama Developments Private Limited
• 1. Arvind and Smart Value Homes LLP
• 1. Arvind Norm CBRN Systems Private Limited .
• 1. Adient Arvind Automotive Fabrics India Private Limited
• 1. PVH Arvind Manufacturing PLC

'"""""'" l• • In rn

STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2021

	[' in Crores except per share data]
	Sr. Particulars		Quarter Ended			Nine Months Ended
No			31.12.2021 30.09.2021		31.12.2020 31.12.2021 31.12.2020 31.03.2021
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1	Income
	(a) Revenue from Operations	2,275.66	2,115.14	1,513.66	5,830.23	3,418.11	5,072.98
	(b) Other Income Total Income	13.23 2,288.89	17.60 2,132.74	12.48 1,526.14	40.75 5,870.98	30.20 3,448.31	51.59 5,124.57
2	Expenses
	(a) Cost of materials consumed	1, 151.88	1,086.24	646.55	3,077,01	1,328.25	2,088.82
	(b) Purchase of stock-in-trade (c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	84.74	70.42	48.16	199.89	191.68	271.81
	(d) Project Expenses	6.75 21.20	(31.53) 47.05	64.40 8.66	( 198.49) 82.71	200.25 26.41	161.64 39.86
	(e) Employee benefits expense	208.93	212.00	184.91	609.25	506.12	696.51
	(f) Finance Costs	40.54	48.13	54.24	136.01	173.58	224.51
	(g) Depreciation and amortisation expense	67.24	65,93	72.02	199.76	216.60	285.15
	(h) Other Expenses	565.32	518.47	398.90	1,506.48	910.78	1,351. 73
	Total Expenses	2,146.60	2,016.71	1,477.84	5,612.62	3,553.67	5,120.03
3	Profit/(Loss) before Share of Profit/(Loss) of Joint Ventures and Exceptional Items and tax ( 1-2)	142.29	116.03	48.30	258.36	(105.36)	4.54
4	Share of Profit of Joint Ventures accounted for using Equity Method	0.18	0.11	0.23	0.04	0.33	0.44
5	Profit/(Loss) before Exceptional items and tax (3+4)	142.47	116.14	48.53	258.40	(105.03)	4.98
6	Exceptional Items (Refer Note 2)		-	(0.37)	(3 .62)	(22.71 )	(35.89)
7	Profit/(Loss) before Tax (5+6)	142.47	116.14	48.16	254.78	(127.74)	(30.91)
8	Tax Expense : - Current Tax	21.45	19.86	2.02	42.79	5.95	11.20
	- Short/( Excess) Provision of earlier years	-	-	0.05	-	0.05	(6.4S)
	- Deferred Tax charge/( credit)	26.68	25.22	23.65	58.01	(53.01 )	(8.27)
	Total Tax Expense/(Credit)	48.13	45.08	25.72	100.80	(47.01)	(3.52)
9	Profit/(Loss) for the period (7-8)	94.34	71.06	22.44	153.98	(80.73)	(27.39)
	Attributable to:
	Equity holders of the Parent	92.77	69.58	24.91	154.00	(69.70)	(16.52)
	Non Control Ii ng Interest	1.57	1.48	(2.47)	(0.02)	( 11.03)	(10.87)
	10 Other Comprehensive Income/(Loss) (net of tax)
	(a) Items that will not be reclassified to profit and loss (i) Remeasurement of defined benefit plans	5.55	5.68	0.01	16.64	(0.02)	23 .82
	(ii) Income tax related to item (i) above	( 1.81)	( 1.80)	0.01	(5.42)	0,05	(8.03)
	(iii) Share of Other Comprehensive Income of Joint Venture accounted for using	-	-		-	-	(0.02)
	Equity method (net of tax)
	(b) Items 'that will be reclassified to profit and loss
	(i) Effective portion of gain/( loss) on cash flow hedges (ii) Exchange differences on translation of foreign operations	27.17 (4.24)	11.51 (4,38)	23.03 (5.86)	27.07 (12,28)	70.67 (20.88)	53.55 (24.41)
	(iii) Income tax related to item (i) above	(9.50 )	(4.02)	(8.05)	(9.46l	(24.72)	(18.72)
	Other Comprehensive Income (net of tax)	17.17	6.99	9.14	16.55	25.10	26.19
	Attri butable to:
	Equity holders of the Parent	17.15	6.97	9.09	16.50	24.99	25.95
	Non Controlling Interest	0.02	0.02	0.05	0.05	0.11	0.24
	11 Total Comprehensive Income/(Loss) (9+10) Attributable to:	111.51	78.05	31.58	170.53	(55.63)	(1.20)
	Equity holders of the Parent	109.92	76.55	34.00	170.50	(44.71)	9.43
	Non Controlling Interest	1.59	1.50	(2.42)	0.03	(10.92)	(10.63)
	12 Paid-up Equity Share Capital (Face Value 'I 10/- per share) 13 Otlier Equity	260.59	259.04	258.92	260.59	258.92	258.92 2,460.37
	14 Earnings per Share in ' - (Not Annualised)
	- Basic	3.57	2.69	0.96	5.94	(2.69)	(0.64)
	- Diluted	3.57	2.67	0.96	5.92	(2.69)	(0.64)
	( See accompanying notes to the Consolidated Financial Results )

Arvind Limited. Naroda Road. Ahmedabad 380 025. India Tel· +91 79 68268000 CIN L 17119GJ1931 PL.C000093

AfVInD

~"''

Notes:

1 The above consolidated unaudited financial results were reviewed by the Audit Committee and have been considered and approved by the Board of Directors at their meeting held on January 27, 2022. The same have been subjected to Limited Review by the Statutory Auditors.

2 Exceptional items represents following :

Particulars		Quarter Ended		Nine Months Ended		Year Ended
	31.12.2021	30.09.2021	31.12.2020	31.12.2021	31.12.2020	31.03.2021
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
(a) Retrenchment Compensation	-	-		-	2.86	2.86
(b) Provision of diminution in value of investments and share application money		-	0.37	-	19.85	19.85
(c) Interest on Stamp Duty on Demerger in financial year 2016-17	-		-	3.62	-	-
(d) Impairment in Goodwill	-		-	-	-	13.18
Total	-	-	0.37	- 3.62	22.71	35.89

3 The company has intimated the Stock Exchange to publish only Consolidated Financial results and hence, the standalone financial results have not been published. However, the standalone financial results for the quarter and nine months ended December 31, 2021 are available on Company's wetlslte (www.arvind.com). Standalone Information :

Particulars		Quarter Ended		Nine Months Ended	Year Ended
	31.12.2021	30.09.2021	31.12.2020	31.12.2021	31.12.2020	31.03.2021
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
Revenue from Operations	2,129.47	1,988.61	1,371,79	5,458.00	3,034.57	4,528.54
Profit/(Loss) before Tax	122.87	113.01	70.19	238.78	(43. 14)	56.04
Profit after Tax	79.36	74.72	46.44	155.97	40.28	92.67
Other Comprehensive Income (net of tax)	21.03	10.85	14.99	27.69	46.04	49.37
Total Comprehensive Income after tax	100.39	85.57	61.43	183 66	R6.32	142.04

4 In view of COVID 19 pandemic, the management has considered internal and external sources of information for evaluating the financial results and has concluded that there is no significant impact of the same on the financial results of quarter and nine months ended December 31, 2021. Given the uncertainties associated with the nature, condition and duration of COVID-19, the Group will closely monitor any material changes arising out of the future economic conditions and its impact on the business of the Group.

5 At the time of transition to Indian Accounting Standards (IND AS) with effect from 1 April 2015, the Parent Company had recognised fair value of its land parcels in its books of accounts and recognised deferred tax liability on such fair Valued Land as Parent company expected sale of such land parcels on a piecemeal basis, delinked from the business.

During the year ended March 31, 2021, the Parent Company has reassessed the expected manner of recovery of the carrying value of all land parcels and has now determined that a number of such land parcels would not be delinked from the business as they either form an integral part of the business operations or are proximate to the factory premises. Consequently, the Parent Company currently expects that in the event of disposal of most of the land parcels in future, these would only be disposed off along with the business and in a slump sale arrangement thereby resulting in no temporary difference between the accounting position and position as per tax laws upon such future disposal.

Accordingly, the Parent Company has reversed deferred tax liability amounting to z 65.62 crores pertaining to such land parcels in the Statement of Profit and loss during the year ended March 31, 2021.

6 Pursuant to the approval granted by the Union Cabinet on July 14, 2021 for continuation of Rebate of State and Central Taxes and Levies (RoSCTL) with the same rates (as notified on March 8, 2019) on exports of apparel and made ups, the Group had recognized the benefit of RoSCTL of z 23.98 crores during the quarter ended June 30, 2021. Out of this, z 13.23 crores benefit pertains to the eligible export sales of the quarter ended March 31, 2021.

The textiles products that are not covered under the RoSCTL scheme are eligible for benefit under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme with effect from January 01, 2021. Considering that the rates of RoDTEP were notified on August 17, 2021, the Group had recognized the benefit of RoDTEP of z 29.28 crores during the quarter ended September 30, 2021. Out of this, z 6.71 crores benefit pertains to the eligible export sales of quarter ended March 31, 2021, and z 10.12 crores benefit pertains to the eligible export sales of quarter ended June 30, 2021.

Arvind Limited. Naroda Road, Atlmedabad 380 025, India Tel +91 79 68268000 CIN L 1 7119GJ 1931 PLC000093

201S : Particulars		Quarter Ended		Nine Months Ended		Year Ended
	31.12.2021	30.09.2021	31.12.2020	31.12.2021	31.12.2020	31.03.2021
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
Net Worth (Share Capital + Other Equity)	2,884.79	2, 780.12	2,664.63	2,884.79	2,664.63	2,719,29
Debentre Redempution Reserve		-	SO.DO	-	SO.DO	-
(a) Debt Service Coverage Ratio	1.19	1.56	1.03	1.30	0.4S	0.60
(b) Interest Service Coverage Ratio	6.17	4.78	3.22	4.34	1.51	2. 13
(c) Debt I Equity Ratio (In times)	0.62	0.71	0.80	0.62	0.80	0.74
(d) Current Ratio (In times)	1.15	1.15	1.11	1.15	1.11	1.12
(e) Long Term Debt to Working Capital (Jn times)	1.69	1.99	2.81	1.69	2,81	2.55
(f) Bad Debts to Account Receivable Ratio(%)	0.02%	0.16%	(0.26%)	0.19%	0.06%	0.46%
(g) Current Liability Ratio (In times)	0.71	0.68	0.62	0.71	0.62	0.66
(h) Total Debts to Total Assets (In times)	0.2S	0.29	0.33	0.25	0.33	0.30
(i) Debtors Turnover (In times) (Annualised)	8.89	8.07	5.80	7.62	4.38	4.74
(i) Inventory Turnover (In times) (Annualised)	6.60	6.66	5.32	S.6S	4.02	4.16
(k) Operating Margin (%)	7.45%	6.93%	5.95%	6.07%	1.11%	3.50%
(I) Net Profit Margin (%)	4. 15%	3.36%	1.48%	2.64%	(2.36%)	(0.54%)
(a) The listed Secured Non-Convertible Debentures of the Group aggregating to ~ 75 crore as on December 31, 2021 are secured by way of first parl pasu charge on certain identified property, plant and equipment of the Group whereby value of underlying assets exceeds hundred percent of the principal amount of the said debentures. (bl Formula for computation of ratios are as under:
(a) Debt Service Coverage Ratio	Earnings before Interest, Tax, Depreciation and amortisation/ Interest Expenses + Principal Repayments made during the year on long term loans
(b) Interest Service Coverage Ratio	Earnings before Interest, Tax, Depreciation & amortisation/ Interest Expenses
(c) Debt/ Equity Ratio	Total Debt I Total Equity
(d) Current Ratio	Current Assets I Current Liabilities
(e) Long Term Debt to Working Capital	Non-Current Borrowings (Including Current Maturities of Non-Current Borrowings)/ Current Assets Less Current Liabilities (Excluding Current Maturities of Non-Current Borrowings)
(f) Bad Debts to Account Receivable Ratio(%)	Bad Debts I Average Trade Receivables
(g) Current Liability Ratio	Total Current Liabilities/ Total Liabilities
(h) Total Debts to Total Assets	Total Debts I Total Assets
(i) Debtors Turnover	Revenue from Operations / Average Trade Receivables

Revenue from Operations I Average Inventories (EBIT - Other Income)/ Revenue from Operations Profit After Tax I Revenue from Operations

For Arvind Limited

s~~ ~··

Ahmedabad January 27, 2022

(j) Inventory Turnover (k) Operating Margin (%) (I) Net Profit Margin (%)

Sanjay S.Lalbhai Chairman & Manaqlnq Director

Arvind Limited. Naroda Road. Ahmedabad 380 025. India Tel.. +91 79 68268000 CIN: L 171l9GJ 1931 PLC000093

J\fVInD

	SEGMEl\ITWISE llEVElllUE, RESULTS, SEGMElllT ASSETS AlllD LIABILITIES (COlllSOLIDATED) FOR THE QUARTER Al\ID l\IIlllE MOl\ITHS El\IDED DECEMBER 31, 2021
							[~in Crores]
	Sr. Particulars		Quarter Ended		!\line Months Ended		Year Ended
lllo		31.12.2021	30.09.2021	31.12.2020	31.12.2021	31.12.2020	31.03.2021
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
	1 Segment Revenue (lllet Sales/Income from Operations)
	(a) Textiles	1,918.13	1,726 49	1,219, 11	4,820.08	2,666. 19	3,997.35
	(b) Advanced Material	267 00	298 28	188.50	758.45	480.82	679.47
	(c) Others	111.90	103.45	116.24	298.96	294,27	434.23
	Total	2,297.03	2,128.22	1,523.85	5,877.49	3,441.28	5,111.05
	Less : Inter Segment Sales	21.37	13 08	10.19	47.26	23.17	38.07
	Net Sales/Income from Operations	2,275.66	2,115.14	1,513.66	5,830.23	3,418.11	5,072.98
	2 Segment Results (Profit/(Loss) before Interest & Tax)
	(a) Textiles	179.44	180.70	108.90	430.49	78 30	230.82
	(b) Advanced Material	28 .87	29 .98	20.49	79 ,06	52.99	62 .90
	(c) others	(11.13) 197.18	(23.43)	(9.18)	(53 .01)	(30.89)	(34 .63)
	Total Less :		187.25	120.21	456.54	100.40	259.09
	(a) Interest and Finance Charges (Net)	40 ,54	48 .13	54 .24	136.01	173.58	224.51
	(b) Other Unallocable expenditure (net of un-allocable income)	14. 17	22.98	17 .81	65.75	54.56	65.49
	Profit/(Loss) Before Tax	142.47	116.14	48.16	254.78	(127.74)	(30.91)
	3 Segment Assets
	(a) Textiles	4,760 22	4,562.39	4,307.13	4,760.22	4,307.13	4,513.45
	(b) Advanced Material	615.72	629.65	476.23	615.72	476,23	508.61
	(c) others	584.58	592 .20	602.95	584.58	602.95	613.93
	(d) Unallocable	1,023 52	1,076 73	1, 142,27	1.023.52	1, 142.27	1,084.73
	Total Segment Assets	6,984.04	6,860.97	6,528.58	6,984.04	6,528.58	6,720.72
	4 Segment Liabilities
	(a) Textiles	1,766.33	1,581.09	1,301.37	1, 766.33	1,301.37	1,543.91
	(b) Advanced Material	126. 16	129.13	94.66	126. 16	94.66	121.26
	(C) Others	293.00	285.30	237.39	293.00	237.39	251.94
	(d) Unallocable	75.47	65.12	48.40	75.47	48.40	34.84
	Total Segment Liabilities	2,260.96	2,060.64	1,681.82	2,260.96	1,681.82	1,951.95

l\lotes:

Considering the nature of the Company's business and operations, as well as based on reviews performed by Chief operating decision maker regarding resource allocation and performance management, the Company has identified following as reportable segments in accordance with the requirements of Ind AS 108 - " Operating Segments".

Classification of Reportable Segments :

1 Textiles: Fabrics, Garments and Fabric Retail .

2 Advanced Materials : Human Protection fabric & garments, Industrial Products, Advance Composites and Automotive fabrics.

3 Others : E-commerce, Agriculture Produce, EPABX and One to Many Radio, Water Treatment and Others.

For Arvind Limited

s~~ ~··

5anjay S.Lalbhai Chairman & Managing Director

Ahmedabad January 27, 2022

Arvind Limited. Narocla Road. Ahmedabad. 380 025. India Tel.: +91 79 68268000 CIN:L171 19GJ1931PLC000093

PRESS RELEASE

Arvind Limited delivers strong results for Q3 FY22; ROCE tops 15%

Ahmedabad, 27th January 2022: Arvind Limited has declared its financial results for the third quarter of FY 2022.

• Revenues up 50% at ₹ 2276 crores; Textiles revenues up 57% & AMD up 42%+
• Q3 EBITDA at ₹237 crores (up 46%), PBT at ₹142 crores and PAT at ₹93 crores – all time high numbers
• Overall ROCE stood at 15.5%
• Debt reduction of ₹157 crores during the quarter as planned

Performance Highlights

Volumes grew across all Textile segments as post-Covid demand stayed strong in both export and domestic markets. Cotton prices rose sharply, and other input costs continued to stay high, but were mostly offset by improved price realization and higher efficiencies.

Advanced Materials, delivered a robust quarter, and revenues stood at INR 267 crores. EBITDA for AMD for the quarter was 13%.

We expect Q4 to deliver strong results similar to the 3rd quarter.

About Arvind Limited

Arvind Limited is one of the largest textile companies in India with revenues of USD 1.0 billion. The company is end-to-end supply chain partner to the world's leading fashion brands.

For more information, please contact:

Khantil Shah

khantil.shah@arvind.in

Mobile: 9920083282

27th January 2022| Ahmedabad Arvind Limited Investor Review Note

Safe harbour statement

Certain statements contained in this document may be statements of future expectations and other forward looking statements that are based on management's current view and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. None of Arvind Limited or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its content or otherwise arising in connection with this document. This document does not constitute an offer or invitation to purchase or subscribe for any shares and neither it nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

Q3 FY22 Executive Summary: Strong top-line growth leading to a best ever quarterly performance

	₹ Crs	Q3 FY22 (vs Q3 FY21)
Revenues		2276 (+50%)
Textiles		1917 (+57%)
Advanced Materials		267 (+42%)
EBITDA		237 vs 162 (+46%)
Textiles		11.3% vs 12.4%
Advanced Materials		13.0% vs 14.3%
Net Debt (31st Dec 2021)		1724 vs 1881 (Sept'21) and 1950 (Mar'21)

• • Exceptional top-line growth across both segments
• • EBIDTA rose by 46% despite high cotton prices, other input prices and international logistics challenges
• • Surge in volumes due to continued strength in domestic market & sharp improvement in export demand, esp for Wovens
• • Debt reduction by about 157 cr & 226 cr compared to Sept & March 21.
• • Digital and cost reduction initiatives continue to help offset input price pressures

Q3 FY22 Consolidated P&L | All time high PBT and PAT numbers

			YoY
All figures in Crs INR	Q3 FY22	Q3 FY21	Change
from Operations Revenue	2 276 ,	1 514 ,	50%
EBIDTA	237	162	46%
% EBIDTA	10 4%	10 7%
Other Income	13	12
Interest	41	54
Cash Accruals	210	120	74%
Depreciation	67	72
PBT	142	48
PAT	93	25
Exceptional Less Items :	0	0
Profit Net	93	25

Continued thrust on reducing debt and sharp increase in earnings helped cross 15% ROCE

In Inr Cr		Q3 FY22 Q3				FY21
Business	Revenue	EBIDTA	EBIDTA %	Revenue	EBIDTA	EBIDTA %
Textiles	1917	217	11 3%	1220	151	12 4%
Advanced Material	267	35	13 0%	189	27	14 3%
Others Knock Off &	92	2 -		105	4 -
Total	2276	250	11 0%	1514	174	11 5%

Sharp increase in ROCE as EBIDTA increased due to

• Fabric volumes grew sharply and surpassed pre-covid levels delivering an additional ₹62cr EBITDA
• Advanced Materials businesses grew by 42%

Textile revenues higher by ~57% driven by ~25% increase in higher realization and remaining from volume growth

Textile revenues (₹ Crs)

DENIM

• Volumes + 43% (2nd consecutive quarter of 25M m+)
• Price realization + 23% (₹226/m vs ₹183/m)

WOVENS

• Volumes + 29 % (35M m driven by sharp increase in export volumes)
• Price realization + 27% (₹185/m vs ₹146/m)

GARMENTS

• Volumes ~10M pcs

Volumes recovered across all segments in Q3

• Demand stayed robust across all segments; Esp Woven export volumes bounced back past pre-covid highs

* Exports volumes includes sales made to export customers and shipments made to their garment factories in India

Increasing realization and operational efficiency have helped manage the historic rise in cotton prices

• At ₹75k/candy, Shankar-6 prices seem hard to sustain
• Global cotton markets turbulence continues as demand stays strong at 124M+ bales while supply hampered because of weather conditions and supply chain problems
• Strong prices have supported speculative behavior by traders as well as stocking up by spinners/ vertical mills
• Some moderation likely by summer, but prices likely to stay above 100

• Most customers have hitherto accepted higher prices
• Internal practice of fully covering the RM upon confirmation of customer order
• Continuing thrust on cost management and operational efficiency have helped manage steep rises in input costs

AMD delivered a robust growth as planned

EBITDA margin

Tailwinds: Strong demand across all segments

• HUMAN PROTECTION:
• Scaling up of key accounts
• INDUSTRIALS:
• Secular volume growth backed by new capacities
• Unlocking potential of higher value categories like viscose NW and mono x mono filtration products
• COMPOSITES:
• Strong momentum on product innovation
• New account opening
• Commenced supplies to metro rail projects

Headwinds:

• Price increases yet to complete catch-up with input cost increases
• Logistics challenges and costs continue to hamper the largely export oriented businesses

Forward looking commentary regarding Q4 FY22

Both export and domestic demand expected to continue staying strong

• Markets around the world shrugging off Covid related worries, and demand expected to get fresh impetus as European states start coming out of pandemic lock-downs
• Consumer sentiment stays strong across key markets

Q4 revenues and margins likely to be similar to Q3 numbers

• Strong demand side situation will help maintain robust volumes and price realization
• EBITDA will be healthy, though margins will look under pressure as top-line will be inflated

Expect to reduce debt further during Q4

Thank You!