Kulin Lalbhai, ED of Arvind Ltd said weak December-quarter results weer mainly due de-stocking by customers in denim business. The company has also revised their textile revenue growth guidance to 5 percent from 10 percent earlier. He further said that domestic business will remain sluggish for few quarters.
He said the process to list the company's demerged entities is in the last stage and could happen anytime over the next few weeks.
“Exports should see positive traction moving forward. India on competitive curve is getting much better because the currencies are much better and also the center of gravity moving to south Asia, there is a concerted effort among a lot of customers to increase sourcing from south Asia” he noted, adding that the company hopes export demand should be strong next year.
On growth front, Lalbhai said, “We have a lot going for us; we have a strong backend, we have cotton, we have a strong fabric environment and now a good currency. So we should be working hard and there is nothing that should stop us.”
When asked about listing of demerged entities, he said, “We are expecting the listing happening anytime over the next few weeks. So it’s in a last stages of the process.”