CARE reaffirms rating of Arvind’s bank facilities

Credit rating agency, CARE has reaffirmed ‘BBB-’ rating of Rs 1064.77 crore long term bank facilities of Arvind. The rating agency has also reaffirmed ‘PR3’ rating of Rs 702.72 crore short term bank facilities of the company.

The ratings continue to take into account the vast experience of the promoters, the company’s well-established operations with one of the world’s largest denim facilities, improvement in denim industry and valuable land bank.

Arvind’s net profit for the fourth quarter has zoomed 264.33% at Rs 56.07 crore as compared to Rs 15.39 crore for the quarter ended March 31, 2010. Its total income has rose by 40.77% at Rs 810.45 crore for the quarter under review from Rs 575.73 crore in the corresponding previous quarter.