Textile and apparel conglomerate, Arvind Group has partnered with US-headquartered Invista, owner of the Lycra fibre brand, to manufacture stretch denim fabric in India.

As part of this collaboration, Arvind will ensure that all of its denim fabrics are provided with an Arvind-Lycra co-branded hangtag, communicating the benefits to the end consumer. Arvind holds 12-14 percent of the denim market in India with sales of 450 million meters per month. The company is targeting 20-30 percent growth by the end of the year.

Denim maker posted 28 percent decline in standalone net profit at Rs 68 crores for the quarter ended March 31, 2015 against Rs 95 crores in the same period last year. The company's standalone net income increased by 5 per cent to Rs 1,349 crores during the quarter from Rs 1,284 crores reported in the corresponding quarter last year. For the financial year ended March 31, 2015, the company's standalone net profit stood at Rs 377 crores against Rs 361 crores in the previous year. Standalone net income was Rs 5,225 crores. On a consolidated basis, Arvind posted a net profit of Rs 48 crores, down 96 per cent, against Rs 94 crores in the corresponding quarter a year ago.