Arvind Ltd. — Interim / Quarterly Report 2020

Jan 31, 2020

www arvrnd com

January 31, 2020

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

Security Code: 500 101 Security ID: ARVIND

National Stock Exchange of India Ltd. Listing Dept., Exchange Plaza, 5th Floor Plot No. Cl1, G. Block Bandra-Kurla Complex Bandra (E) Mumbai- 400 051

Symbol: ARVIND

Dear Sir I Madam,

Sub: Outcome of the Meeting of the Board of Directors held on 31st January 2020

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 on 3Pt December 2019 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 and nine months.
• 1. A copy of the press release being issued by the Company in respect of unaudited financial results for the quarter and nine months ended on 3Pt December 2019.
• 1. Investor Presentation for Q3 issued in this regard.

The meeting of the Board of Directors of the Company commenced at 11.00 a.m. and concluded at 12· Lt5 f .'"!Tl ·

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

Thanking you,

Yours faithfully,

~~R. V. B1lif'i'f a n'i · Company Secreta

End: As above.

Arvind Limited, Naroda Road, Ahmedabad. 380 025, India Tel.: +91 79 30138000 CIN: L 17119GJ1931 PLC000093

Chartered Accountants 19"' Floor, Shapath- V S G Highway Ahmedabad - 380 01 S 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, 2019 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 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 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.

For DELOITTE HASKINS & SELLS LLP

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

Kartikeya Raval Partner (Membership No. 106189) UDIN: 2 O:iO 6 J.8'i AAAA A U~64-1

Place: Ahmedabad Date: January J' , 2020

	STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31,2019					(fin Crores except per share data(
No.	Sr. Particulars	31. 12.19	Quarter Ended30.09.19	31.12.18	31.12.19	Nine Months Ended31. 12.18	Year Ended31.03.19
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
				Refer Note 3			Refer Note 3 Refer Note 3
1	Income
	(a) Revenue from Operations	1,695.70	1,778.41	1,506.74	5,215.75	4,786.70	6 ,435.96
	(b) Other Income	17.66	15.29	25.80	61.56	61.84	103 .85
	Total Income	1,713.36	1,793.70	1,532.54	5, 277.31	4,848.54	6,539.81
2	Expenses
	(a) Cost of matelials consumed	806 .18	841.00	661.67	2,412.43	2,101.11	2,822 .50
	(b) Purchase of stock·in-trade	62.50	59.82	15.47	150 .34	137.97	154 .70
	(c) Changes In 1nventones of finished goods, work·1n-progress and stock·in·trade	26.75	16.40	42.36	140 .63	(13 .74)	3 .27
	(d) Project Expenses(e) Employee benef1ts expense	0 .48189.12	0.22210.40	1.76182.10	0 .84607.49	4 .05579.07	4.44779.19
	(f) Finance Costs	57.92	57.28	54 .81	175.68	154 .24	213.38
	(g) Deprec1at1on and amortisation expense	62.38	60.93	52.87	179.27	155.62	209.75
	(h) Other Expenses	428.04	464.17	466.93	1 380.89	1 493.19	2 038.73
	Total Expenses	1,633.37	1,710.22	1,477.97	5,047.57	4 ,611.51	6 ,225.96
3	Profit before Exceptional Items and Tax (1-2)	79.99	83.48	54.57	229.74	237.03	313.85
4	Exceptional Items (Refer Note 4)	(2 .17)	4.54	(24 .49)	(15 .22)	(56. 54)	(70.85)
5	Profit before tax (3+4)	77.82	88.02	30.08	214.52	180.49	243.00
6	Tax Expense:
	- Current Tax- (Excess) I short prov1sion of earl1er years	14.00	13.57	5 .940 .00	39.36	38.2632.32	53.5631.97
	- Deferred Tax	9.86	13.66	(10.82	27.54	(40 .90)	(56 .00)
	Total Tax Expense	23.86	27.23	(4.88)	66.90	29.68	29.53
7	Net Profit for the period from continuing operations (5-6)	53.96	60.79	34.96	147.62	150.81	213.47
8	(Loss) before tax from discontinuing operations (Refer Note 3)		-	(10 .90)		(20 .70)	(20 .70)
9	Tax (Cred1t) of diScontinuing operat1ons		-	(3 .24)		(6 .67}	(6.67)
	10 (Loss) from discontinuing operations after Tax (8-9)	-	-	(7.66)	-	(14.03)	{14.03)
	11 Profit for the period (7+10}	53.96	60.79	27.30	147.62	136.78	199.44
	12 Other Comprehensive Income 1 (Loss) (net of tax)
	(a) Items that will not be reclassified to profit and loss
	(1) Equ1ty Instruments through Other Comprehensive Income (FVOCI)(il) Remeasurement of defined benefit plans	{4 .71)	(4 .71)				0 07
	(Iii) Income tax related to Items no {II) above	1.65	1.64	(6.50)2.27	{14.13)4 .93	{19.49)6 .81	(17. 12)5 .98
	(b) Items that will be reclassified to profit and loss
	(1) Effect1ve port1on of gainl(loss) on cash fiow hedges	(3.12)	(30 .63)	107.42	(32 .51)	24.02	31.53
	(1i) Income tax related to items no (i) above	1.09	10.70	{37.53	11.36	{8.39	{11.02
	Other Comprehensive Income I {Loss) (net of tax)	(5.09)	(23.00)	65.66	(30.35)	2.95	9 .44
	13 Total Comprehensive Income for the period (11+12)	48.87	37.79	92.96	117.27	139.73	208.88
	14 Paid-up Equity Share Capital ( Face Value~ 10 1- per share)	258 .77	258.77	258.62	258.77	258.62	258.62
	15 Other Equity16 Earnings per Share in 111:- (Not annualised)						2557.50
	Continuing Operations :
	- Basic	2 .09	2 .35	1.35	5 .71	5 .83	8.25
	-Diluted	2.09	2.35	1.35	5.71	5.82	8 .25
	Discontinuing Operations :
	·Basic	-		(0.29)		(0 .54)	(0 .54)
	- Diluted			(0.29)		(0 .54)	(0 .54)
	Continuing and Discontinuing Operations :
	·Basic	2.09	2.35	1.06	5.71	5.29	7 .71
	-Diluted	2 .09	2 .35	1.06	5.71	5.28	7 .71
	I {See accompanvina notes to the Standalone Financial Results)

Notes :

1 The above unaudited standalone 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 31, 2020. The same have been subjected to Limited Rev1ew by the Statutory Auditors .

2 On Aplil 1, 2019, the Company has adopted IND AS 116, Leases, us1ng modified retrospective method. Accord1ngly, the comparatives have not been retrospectively adjusted. The adoption of IND AS 116, d1d not have any matelial impact on the standalone results for Quarters ended December 31, 2019 and September 30, 2019 and mne months ended on December 31, 2019.

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

L AfVIno

www.arvind.com

3 The National Company Law Tribunal, Ahmedabad Bench vide its order dated October 26,2018 has approved the scheme of arrangement for demerger of Branded Apparel undertaking of the Company to Arvmd Fash1ons Umited ("AFL") w1th effect from November 30,2018 {the appo•nted date). The Scheme became effect1ve from November 30,2018. Pursuant to the Scheme, all the assets,liabiht•es, income and expenses of the Branded Apparel undertaking has been transferred to AFL from the appo1nted date. To the extent current quarter and n1ne months ended on December 31, 2019 are not comparable with the quarter and nme months ended on December 31, 2018 and the year ended March 31, 2019.

Branded Apparels Business:Particulars	For thePeriod	For thePeriod
	From29.11.18	From01.10.18 to 01.04.18 to29.11.18
{a) Total Income	21.37	52.54
(b) Total Expenses	32.27	73 .24
(c) Profit/(Loss) before tax (a-b)	(10.90)	(20.70)
(d) Tax Expense I (Credit)	(3 .24	(6.67
{e) Profit/(Loss) from discontinued operations	(7.66)	(14.03)

Exceptional items represents following:
Particulars		uarter Ende<			Nine Mon hs Ended	Year Ended
	31.12.19	30.09.19	31.12.18	31.12.19	31.12.18	31.03.19
			Refer Note 3		Refer Note 3	Refer Note 3
(a) Retrenchment Compensation	1.86	0.06	0.94	8 .13	13.99	18.43
(b) Provis1on for Impairment 1 Loss on Sale of Investments/Loans	0.31	0.35	5.00	12.05	15.00	24 .87
{c) Reversa l of ExCise Duty Provision		(4 .95)		(4.95)
{d) Reversal of GST credit due to change in rule of claiming refund ofInverted duty and amendment •n the Act with respect to Textile and Textile			18.55		2 7.55	27.55
Article
Total	2 .17	4 .54	24.49	15.23	56.54	70.85

5 Dunng the current quarter, in v•ew of Ministry of Textiles, Government of Ind1a's Gazette Notification number CG·DL-E· 15012020·215423 dated January 14, 2020, the Company has reversed the Merchandise Export from India Scheme {MEIS) benefit off 31.21 crores from Revenue from Operations for the period from March 07, 2019 to December 31, 2019 In the standalone financial results.

For Arvind Limited

s~~ ·· Saniav s. Lalbhal Chairman & Managing D1rector

Ahmedabad January 31, 2020

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

L AfVIOD www aNind.com

	SEGMENTWISE REVENUE, RESULTS, SEGMENT ASSETS AND LIABILITIES (STANDALONE) FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2019
							[f in Crore s]
Sr.	Particulars		Quarter Ended			Nine Months Ended	Year Ended
No		31.12.19	30.09.19	31.12.18	31.12.19	31 .12.18	31.03.19
				Refer Note 3		Refer Note 3	Refer Note 3
	1 Segment Revenue (Net Sales 1 Income from Operations)
	(a) Text•les	1,507.93	1,588.03	1,350.52	4,674 .62	4,348 .50	5,800.76
	(b) Advanced Materia l	164.88	163.02	132.33	469.51	362.96	528.72
	(c) Others	24.01	27.36	24 .81	73. 12	79.73	112. 11
	Total	1 ,696.82	1,778.41	1,507.66	S,217 .25	4,791.19	6,441.59
	Less : Inter Segment Sales	1.12		0.92	1.50	4.49	5.63
	Net Sales I Income from Operations from Continuing operations	1,695.70	1 ,778.41	1,506.74	5,215.75	4 ,786.70	6,435.96
	2 Segment Results (Profit and (Loss) before interest & Tax)
	(a) Text1les	136. 31	146.93	97.58	409.60	380.32	509.04
	(b) Advanced Matenal	17.86	23 .89	10.82	55.46	24.90	40.64
	(c) Others	(15.54)	(9 .62)	(14 .16)	(43.55)	(36.46)	(43.23)
	Total from Continuing operations	138.63	161.20	94. 24	421.51	368.76	506.45
	Less :
	(a) Interest and Finance Charges (Net)	57.92	57.28	54.81	175.68	154.24	213.38
	(b) Other unallocable expenditure (net of un-allocable Income)	2.89	15.90	9.35	31.31	34.03	50.07
	Profit Before Tax (Continuing operations)	77.82	88.02	30.08	214.52	180.49	243.00
3	Segment Assets
	(a) Text1les	4,260.37	4,435.03	4,335 .36	4,260.37	4,335.36	4,585.27
	(b) Advanced Material	449.79	451.32	457.97	449.79	457.97	448.31
	(c) Others	130.89	142.72	143.90	130.89	143.90	144.40
	(d) Unallocable	1,887.77	1,833.85	1,983.02	1,887.77	1,983.02	1,835.90
	Segment Assets from Continuing operations	6,728.82	6,862.92	6 ,920.25	6,728.82	6,920.25	7 ,0 1 3 .88
	4 Segment Liabilities
	(a) Textiles	1, 170.32	1,193.15	945.70	1,170.32	945.70	1,279.57
	(b) Advanced Material	69.05	68.29	83.81	69.05	83.81	67.98
	(c) Others	50.03	50.72	38.63	50.03	38.63	47.99
	(d) Unallocable	145.54	107.51	179. 19	145.54	179.19	150.71
	Segment Liabilities from Continuing operations	1 ,434.94	1,419.67	1,247.33	1,434.94	1,247.33	1,546.25

Notes:

I Considering the nature of the Company's business and operations, as well as based on reviews performed by Ch1ef operating deCISIOn maker regard1ng resource allocatton and performance management, the Company has identified follow1ng as reportable segments tn accordance w1th the requirements of Ind AS 108 - " Operating Segments".

Classification of Reportable Segments :

1 Textiles : Fabrics, Garments and Fabric Retail.

2 Branded Apparels : Branded Garments, accessories and manufacturing & selling of customised clothing. Manufacturing and selling of branded accessories is reclassified and considered as branded apparels segment w.e.f. July 1,2017.

3 Advanced Materials : Human Protectton fabnc & garments, Industnal Products, Advance Composites and Automotive fabrics.

4 Others : E-commerce, Agriculture Produce, EPABX and One to Many Rad1o, Water Treatment and Others.

II Details of Discontinued Operations :

							(t' in Crores]
Sr.	Particulars		Quarter Ended		Nine Months Ended	Year Ended
No		31.12.19	30.09.19	31 .12.18	31.12.19	31.12.18	31.03.19
				Refer Note 3		Refer Note 3	Refer Note 3
1	Segment Revenue (Net Sales I Income from Operations)			21.37		52.53	52.53
2	Segment Results ((Loss) before 1nterest & Tax)			(10 .54)		( 18.97)	(18 .97)
3	Segment Assets	-
4	Segment llabtlit1es	-

For Arvind Limited

s~<>--1 S• I •• .......

Ahmedabad January 31, 2020

Sanjay S. Lalbhai Cha1rman & Managing Director

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

Chartered Accountants 19'" Floor, Shapath - V S G Highway Ahmedabad - 380 01 5 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 loss after tax and total comprehensive loss of its joint ventures for the quarter and nine months ended December 31, 2019 (''the Statement") being submitted by the Parent pursuant to the requirement of Regulation 33 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 Requ irements) Regulations, 2015, as amended, to the extent appl icable.

• 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 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 of the SEBI (Listing

Regd. Office: India bulls Rnance Centre, Tower 3, 27'"- 32"' Floor, Senapati Bapat Marg. Elphinstone Road (West), Mumbai - 400 013, Maharashtra, India. (LLP Identification No. MB-8737}

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.

1. We did not review the financial information of 11 subsidiaries included in the consolidated unaudited financial results, whose interim financial information reflect total revenues of Rs. 229.31 crores and Rs. 680.60 crores for the quarter and nine months ended December 31, 2019 respectively, total net loss after tax of Rs. 11.27 crores and Rs. 32.59 crores for the quarter and nine months ended December 31, 2019 respectively and total comprehensive loss of Rs. 22.95 crores and Rs. 46.40 crores for the quarter and nine months ended December 31, 2019 respectively, as considered in the Statement. 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 financial information of 13 subsidiaries which have not been reviewed by their auditors, whose interim financial information reflect total revenue of Rs. 11.63 crores and Rs. 59.17 crores for the quarter and nine months ended December 31, 2019 respectively, total loss after tax of Rs. 6.05 crores and Rs. 6.95 crores for the quarter and nine months ended December 31, 2019 respectively and Total comprehensive loss of-Rs. 4. 96 crores and Rs. 7.25 crores for the quarter and nine months ended December 31, 2019 respectively, as considered in the Statement. The consolidated unaudited financial results also includes the Group's share of loss after tax of Rs. 1. 90 crores and loss after tax of Rs. 1. 53 crores for the quarter and nine months ended December 31, 2019 respectively and total comprehensive loss of Rs. 1. 90 crores and total comprehensive loss of Rs. 1.53 crores for the quarter and nine months ended December 31, 2019, 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)

d{~~~

Kartikeya Raval Partner (Membership No. 106189) umN: o lo 6 18Af\ AAAV1-8~6

Place: Ahmedabad Date: January3t, 2020

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 Ruf and Tuf Private Limited
• 1. Arvind Premium Retail Limited
• 1. Arvind True Blue Limited
• 1. Arvind Enterprise FZC
• 1. Arvind Transformational Solutions Private Limited
• 1. Arya Omnitalk Wireless Solutions Private Limited
• 1. Arvind Envisol, PLC
• 1. Enkay LLP
• 23 . Arvind Polser Engineered Component Penels Private Limited [w.e.f February 11,2019]
• 1. AJ Environmental Solutions Company [w.e.f October 25, 2019]

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. [w.e.f December 31, 2018]
• 1. Adient Arvind Automotive Fabrics India Private Limited [w.e.f October 25, 2018]
• 1. PVH Arvind Manufacturing PLC [w.e.f October 1, 2019]

www.arvind.com

	STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDEO DECEMBER 31,2019
							r~ in Crores except oer share datal
	Sr. Particulars		Quarter Ended			Nine Months Ended	Year Ended
No		31.12.19	30.09.19	31.12.18	31.12.19	31.12.18	31.03.19
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
				Refer Note 2			Refer Note 2 Refer Note 2
1	Income
	(a) Revenue from Operattons	1,868.80	1,962.19	1,680.26	5,727.44	5,282.79	7,142.18
	(b) Other Income	14.18	11.71	26.61	46.65	64.10	83.74
	Total Income	1,882.98	1,973.90	1,706.87	5,774.09	5,346.89	7, 225.92
2	Expenses
	(a) Cost of materials consumed(b) Purchase of stock-in-trade	838.39109.69	883.8096.21	690.3082.05	2,514.44265.33	2,175.75291.88	2,914.60386.95
	(c) Changes 10 Inventories of finished goods, work-in-progress and stock-m-trade	24.34	10.25	34.76	137.60	(39.28)	(40.85)
	(d) Project Expenses	13.63	13.97	5.42	37 .66	54.43	102.63
	(e) Employee benefits expense	235.28	256.13	219.52	738.01	685.43	899.92
	(f) Finance Costs(g) Depreciation and amortisation expense	61.5674.45	60.5372.65	56.0958.33	184.47213.44	158.73172.28	220. 14235.05
	(h) Other Expenses	462.07	506.86	498.59	1 499.63	1 581.51	2 162.24
	Total Expenses	1,819.41	1,900.40	1,645.06	5,590.58	5,080.73	6,880.68
3	Profit before Share of Profit of Joint Ventures and Exceptional Items and taxfrom continuing operations ( 1- 2)	63.57	73.50	61.81	183.51	266.16	345.24
4	Share of profit of Joint Ventures accounted for using Equity MethodProfit before Exceptional items and tax from continuing operations (3+4)	(1.901	(0.11	0.20	(1.53	0.67	1.01
5		61.67	73.39	62.01	181.98	266.83	346.25
6	Excepttonal Items (Refer Note 3)	(1.86)	4.89	(19.49)	(3.18)	(41.54)	(45.98)
7	Profit before Tax from continuing operations (5+6)	59.81	78.28	42.52	178.80	225.29	300.27
8	Tax Expense :- Current Tax	19.18	18.18	11.98	52.75	59.87	82.09
	- (Excess)/short proviSIOn of earlier years• Deferred Tax charge 1 (credit)	0.065.22	10.42	(0.36)(9.72	0.0616.57	31.96(38.56	32.17(52.72
	Total Tax Expense	24.46	28.60	1.90	69.38	53.27	61.54
9	Profit for the period from continuing operations (7-8)	35.35	49.68	40.62	109.42	172.02	238.73
	10 Profit/( Loss) before tax from discontinued operations (Refer Note 2)			0.75		(!3.02)	(13.02)
	11 Tax Expense/( Credit) of discontinued operations			0.94		(2.70)	(2.70
	12 Profit/(Loss) from discontinued operations after Tax (10·11)		-	(0.19)	-	(10.32)	(10.32)
	13 Profit for the period (9+12)	35.35	49.68	40.43	109.42	161.70	228.41
	Attributable to:Equity holders of the Parent	35.77	48.08	40.07	107.95	162.22	226.23
	Non Controlling Interest	(0.421	1.60	0 .36	1.47	(0.521	2.18
	14 Other Comprehensive Income 1 (Loss) (net of tax)
	(a) Items that will not be reclassified to profit and loss
	(I) Equity Instruments through Other Comprehenstve Income (FVOCI)(tl) Remeasurement of defined benefit plans	(4.69)	(4.70)	(8.40)	(14.10)	(21.41)	0.07(19 30)
	(til) Share of Other Comprehenstve Income of Joint Venture accounted for ustng						(0.05)
	Equity method (net of tax)
	(lv) Income tax related to item (II) and (Ill) above(b) Items that will be reclassified to profit and loss	1.64	1.64	2.94	4.92	7.48	6.71
	(i) Effecttve portion of gatnl(loss) on cash fiow hedges	(3.16)	(30.70)	108.59	(33.02)	24 .37	32.14
	(il) Exchange differences on translation of foreign operations	(10.57)	1.27	(25.85)	(13.85)	(19.37)	(22.97)
	(ill) Income tax related to item (I) above	1.10	10.72	(37 .83	11.49	(8.48\	(11.1 71
	Other Comprehensive Income /(Loss) (net of tax)	(15.68)	(21.77)	39.45	(44.56)	(17.41)	(14.57)
	Attributable to:Equity holders of the ParentNon Controlling Interest	(15.68)	(21.77)	39.130.32	(44.44)(0.12)	(17.45)0.04	(14.74)0.17
	15 Total Comprehensive Income (13+14)	19.67	27.91	79.88	64.86	144.29	213.84
	Attributable to:
	Equity holders of the Parent	20.09	26.31	79.20	63.51	144.77	211.49
	Non Controlling Interest	(0.42)	1.60	0.68	1.35	(0.48)	2.35
	16 Paid-up Equity Share Capital ( Face Value f 101· per share)17 Other EqUtty	258.77	258.77	258.62	258.77	258.62	258.62
	18 Earnings per Share in f • (Not Annuallsed)						2,491.82
	Continuing Operations :
	- BaSIC	1.38	1.86	1.56	4.17	6.67	9.15
	·Diluted	1.38	1.86	1.56	4.17	6.67	9.14
	Discontinued Operations :
	-Basic• Oiluted			(0.01)(0.01)		(0.40)(0.40)	(0.40)(0.40)
	Continuing and Discontinued Operations :- BaSIC	1.38	1.86	1.55	4.17	6.27	8.75
	·Diluted	1.38	1.86	1.55	4.17	6.27	8.74
	I (See accompanying notes to the Consolidated Financial Results)

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

L J\rVIOD

L ArVIno

www.arvmd com

Notes:

1 The above unaud1ted consolidated financral results were revrewed by the Audrt Commrttee and have been consrdered and approved by the Board of Directors at therr meetmg held on January 31, 2020 . The same have been subjected to l.Jm1ted Review by the Statutory Auditors.

2 The National Company Law Tribunal, Ahmedabad Bench vrde its order dated October 26,2018 has approved the scheme of arrangement for demerger of Branded Apparel undertaking of the Company to Arvind Fash1ons Limited ("AFL") wtth effect from November 30,2018 (the appointed date). The Scheme became effective from November 30,2018. Pursuant to the Scheme, all the assets,liabillttes,income and expenses of the Branded Apparel undertakmg has been transferred to AFL from the appointed date. To the extent current quarter and nine months ended December 31, 2019 are not comparable with the quarter and nine months ended December 31 , 2018 and the year ended March 31, 2019.

	Branded Apparels Business:

Particulars		For the Period For the Period
	to 29.11.18	From 01.10.18 From 01.04.18to 29.11.18
(a) Totallncome	800.64	3,048.13
(b) Total Expenses	799.89	3 061.15
(c) Profit/(Loss) before tax (a· b)(d) Tax Expense I (Credit)	0 .750 .94	(13.02)(2.70)
(e) Profit/(Loss) fl"om discontinued operations	(0.19)	(10.32)

3 Exceptional items represents fol lowing:

Particulars		Quarter Ended		Nine Months Ended	Year Ended
	31.12.19	30.09.19	31.12.18	31.12.19	31.12.18	31.03.19
			Refer Note 2		Refer Note 2	Refer Note 2
(a) Retrenchment Compensation	1.86	0.06	0.94	8.13	13.99	18.43
(b) Reversal of GST credit due to change in rule ofclaiming refund of Inverted duty and amendment In theAct with respect to Textile and Textile Article.			18.S5		27.SS	27.55
(c) Reversal of Excise Duty Provision.		(4.95)		(4.951
Total	1 .86	(4.89)	19.49	3 .18	41.54	45.98

4 The company has intimated the Stock Exchange to publish only Consolidated Rnanclal results and hence, the standalone financial results have not been published. However, the standalone finanCial results for the quarter and mne months ended December 31, 2019 are ava ilable on Company's webs1te (www.arvind.com).

Particulars	Quarter Ended			Nine Months Ended	Year Ended
	31.12.19	30.09.19	31.12.18	31.12.19	31.12.18	31.03.19
			Refer Note 2		Refer Note 2	Refer Note 2
Revenue (from continuing business)	1.695.70	1.778.41	1,S06.74	5.21S. 75	4,786.70	6.43S.96
Profit before Tax (from continUing business)	77.62	88.02	30.08	214.52	180.49	243.00
Profit after Tax (from continuing business)	53.96	60.79	34.96	147.62	150.81	213.47
Profit after Tax (from discontinuing business)	-	-	(7.66)		(14.03)	(14.03)
Other Comprehensive Income I (Loss) (net of tax)	(S.09)	(23.00)	6S.66	(30.3S)	2.95	9.44
Total Comprehensive Income after tax	48.87	37.79	92.96	117.27	139.73	208.88

5 On April 1, 2019, the Group has adopted IND AS 116, Leases, using modified retrospective method. Accordingly, the comparatives have not been retrospectively adjusted. The adoption of !ND AS 116, did not have any matenal1mpact on the consolidated results for Quarters ended December 31, 2019 and September 30, 2019 and nme months ended on December 31, 2019.

6 Dunng the current quarter, in view of Ministry of Textiles, Government of India's Gazette NotificatiOn number CG-DL-E-15012020-215423 dated January 14, 2020, the Group has reversed the Merchandise Export from Ind1a Scheme (MBS) benefit of~ 33.64 crores from Revenue from operations for the penod from March 07, 2019 to December 31, 2019 in the consolidated financial results.

For Arvind Limited

Ahmedabad Sanjay S.Lalbhai

s~OA.f .!>' ••• ._.,

January 31, 2020 Chairman & Managing Director

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

www.arvind.com

~in Crores]

SEGMENTWISE REVENUE, RESULTS, SEGMENT ASSETS AND UABILITIES (CONSOLIDATED) FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2019

							[~ in Cr or es]
	Sr. Particulars		Quarter Ended			Nine Months Ended	Year Ended
No		31.12. 19	30.09.19	31.12. 18	31.12.19	31.12.18	31.03.19
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
				Refer Note 2			Refer Note 2 Refer Note 2
	1 Segment Revenue (Net Sales I Income from Operations)
	(a) Textiles	1,557.87	1,647.86	1,389.31	4,822.36	4,437 .99	5,916.86
	(b) Advanced Material	184.56	182.54	159.06	534.97	431.58	631.82
	(c) Others	144.25	151.58	137.39	418.48	437.84	624.96
	Total	1,886.68	1,981.98	1,685.76	5,775.81	5,307.4 1	7,173.64
	Less : Inter Segment Sales	17.88	19.79	5.50	48.37	24.62	31.46
	Net Sales I Income from Operations from Continuing operations	1,868.80	1,962.19	1,680.26	5,727.44	5,282.79	7,142.18
	2 Segment Results (Profiti(Loss) before Interest & Tax)
	(a) Textiles	116.31	131.30	98.40	361.68	376.22	491.38
	(b) Advanced Material	19.25	21.82	10.61	55.02	25.70	44.60
	(c) Others	(4 .67)	6.43	2.20	( 13.94)	20.08	34.78
	Total from Continuing operations	130.89	159.55	111.21	402.76	422.00	570.76
	Less :
	(a) Interest and Finance Charges (Net)	61.56	60.53	56.09	184.47	158.73	220.14
	(b) Other Unallocable expenditure (net of un-al locable income)	9.52	20.74	12.60	39.49	37.98	50.35
	Profit Before Tax from Continuing operations	59.81	78.28	42.52	178.80	225.29	300.27
	3 Segment Assets
	(a) Textiles	4,761.40	4,949.22	4,692.75	4,761.40	4,692 . 75	4,981.99
	(b) Advanced Material	575.86	575.18	600.23	575.86	600.23	587.88
	(c) Others	623 .73	585.73	751.15	623.73	751.15	520.34
	(d) Unallocable	1,175.91	1, 164.25	1,279.51	1, 175.91	1,279.51	1,243.43
	Segment Assets from Continuing operations	7,136.90	7,274.38	7,323.64	7,136.90	7,323.64	7,333.64
	4 Segment Liabi lities
	(a) Textiles	1,274 .16	1,301.52	1,020.05	1,274 .16	1,020.05	1,344 .69
	(b) Advanced Material	79.29	87.20	109.96	79.29	109.96	97.06
	(c) Others	246.28	251.60	199.71	246.28	199.71	207.58
	(d) Unallocable	138.231,737.96	101.651,741.97	170.551,500.27	138.231,737.96	170.55	147.70
	Segment Liabilities from Continuing operations					1,500.27	1,797.03

Notes :

I 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 Branded Apparels : Branded Garment s, accessories and manufacturing & selling of customised clothing . Manufacturing and selling of branded accessories is reclassified and considered as branded apparels segment w.e.f. July 1, 2017.

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

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

II Details of Discontinued Operations :

L AfVIOD

Particulars		Quarter Ended		Nine Months Ended	Year Ended
	31.12. 19	30.09.19	31.12. 18	31.12.19	31.12.18	31.03.19
			Refer Note 2		Refer Note 2	Refer Note 2
Segment Revenue (Net Sales I Income from Operations)	-	-	791.99		3,035.54	3,035.54
Segment Results (Profit before interest & Tax)	-		23.36		69.31	69.31
Segment Assets	-	-	-	-
Segment Liabilities	-	-	-	-

For Arvind Limited

	~~~ ~ Q -~
Ahmedabad	Sanjay S.Lalbhai
January 31, 2020	Chairman & Managing Director

Arvind Limited, Naroda Road, Ahmedabad. 380 025, India Tel.: +91 79 68268000 CIN: L 17119Gj1931 PLC000093

PRESS RELEASE

Arvind Limited posts double digit growth for Q3 FY20

Ahmedabad, January 31, 2020: Arvind Limited has declared its financial results for the third quarter of FY 2020.

• Overall revenue was higher by 11% compared to Q3 of previous year, after accounting for one item provision towards withdrawal of MEIS scheme
• Overall reported EBITDA margin stood at ~10%, as compared to 8.9%
• PAT before MEIS provision stood at Rs 59 cr (Rs 38 cr reported after provision)

Results (Rs. cr)	Q3 FY 2020
Revenue	1869
EBITDA	185
PAT before exceptional items	38

Summary of results

Performance Highlights

• Revenue: Garment revenues were up given 23% higher garment volumes; AMD revenues were up 16% as businesses have started to scale-up
• EBIDTA: EBIDTA margin in Textiles improved because of base effect, and lower input costs. Margins in Denim category saw some improvement from operating leverage. Higher garmenting volumes resulted in margin improvement as well. AMD margins increased by over 3 percentage points to over 13% as part of the portfolio matured and started to gain scale

Outlook: As suggested earlier, expect revenue to grow by about 9-10% and maintain EBITDA margin at around 10% for the full year

About Arvind Limited

Arvind Limited is the largest textile company 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

Q3 FY2020 Review Note

31st January, 2020

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.

Agenda

• Q3 FY20 Summary Financial Performance
• Business discussion
• Outlook

Q3 2020 Executive summary: Growth powered by Garment

volumes and AMD, margin improvement on expected lines

INRCrs	Reported Q3 FY2020	IntrinsicQ3 FY2020*	Remarks
Revenues	1869	1903(+13%)
Textiles	1555	1589 (15%)	40% growth in garmentvolumes
Advanced Materials	185	185 (+16%)	Growth in Human Protection,Composites
Others**	144	144 (4%)
EBITDA	185	220 (11.6% vs 8.9%)
Textiles	10.8%	12.7%(vs 10.5%)	Base effect, operating leverageand lower input cost
Advanced Materials	13.3%	13.3% (vs 10.2%)	Operating leverage
Others**	1.9%	1.9% (vs 0.1%)
PAT (before exception items)	38	59
Net Debt (31stDec 2019)	2537	2537 ( vs Rs. 2694Sept'19

* Textiles figures contained in Intrinsic numbers are excluding non-recurring write of f of Rs 34 Cr on account of retrospective withdrawal of MEIS ** significant portion of Others is comprised of projects based Effluent Treatment business (revenues realized per milestones)

Summary P&L: Q3 margin growth helped recover the YTD performance despite write off on account of MEIS withdrawal

AllfiguresinINRCrs	Q3FY20	Q3FY19	Change	9MFY20	9MFY19	Change
fromOperationsRevenues	8691,	6801,	11%	7275,	2835,	8%
EBIDTA	185	150	24%	535	533	0%
ProfitBeforeTax	64	62	3%	184	266	31%-
ProfitAfterTax	38	60	37%-	111	214	48%-
ExceptionalLessItem:	2	19		3	42
ProfitNet	36	40	11%-	108	173	37%-

Strong intrinsic business performance for Q3

• Sharp improvement in EBITDA margins as expected (reduced losses given lower efficiency of new garmenting plants in H1)
• Withdrawal of MEIS incentives effective March 2019 impacted the revenues and EBITDA for Q3 by 34 crores ( Reported Q3 Revenues: Rs 1869 cr, Reported Q3 EBITDA: Rs 185 cr)

Segment performance: All segments delivered improved returns

RsCr	Q3FY1920			Q3FY1819
Business	Revenue	EBIDTA	EBIDTA%	Revenue	EBIDTA	EBIDTA%
Textiles	1589	202	127%	1385	146	105%
AdvancedMaterial	185	25	3%13	159	16	2%10
Others	144	3		139	0
AllocableUn	0	9-		0	16-
OtherIncome	0	14		0	27
Intersegment	15-	0		4-	3
Total	1903	234	123%	1680	176	105%
OfftimeWriteLessOne:	34-	34-		0	0
ReportedNumber	1869	200	107%	1680	176	105%

Key indicators – Q3 FY20 Vs FY20

• Net Debt is considered for Debt / EBIDTA
• Based on Reported Numbers

Agenda

• Q2 FY20 Summary Financial Performance
• Business discussion
• Outlook

Q3 2020: Textile revenue growth driven by garment volumes

*Others include trading sales

• Denim Fabric volumes in Denim grew marginally
• Garment revenues grew from 7.6M pcs to 10.6M pcs

Key Textile business parameters for Q3 & 9M FY20

	Denim			Woven
Qtrly	Q3FY20	Q3FY19	Q3FY20	Q3FY19
(MnMtrs)TotalVolume	20	19	35	36
proportionExport	48%	43%	23%	33%
PricesAvg	188	186	168	171
Monthly9	9MFY20	9MFY19	9MFY20	9MFY19
(MnMtrs)TotalVolume	63	63	101	103
proportionExport	47%	49%	23%	29%
PricesAvg	191	189	171	171
Period	Q3FY20	Q3FY19	9MFY20	9MFY19
(Rs/Kg)CottonCost	113	122	120	116

Advanced Materials delivered a strong performance both in terms of topline and profitability

EBIDTA Growth for YOY

• Select businesses scaling up resulting in operating leverage
• Improved realization from higher value added products

Agenda

• Q2 FY20 Summary Financial Performance
• Business discussion
• Outlook

Expecting around 9% overall revenue growth for FY2020, with EBITDA margins similar to previous year

Thank You!