Textile and apparel major Sportking India reported a 75 percent increase in net profit to Rs 32 crore ($4 million) for the first quarter ended June 30, as against Rs 18 crore in the year-ago quarter.
The company’s revenue for the quarter rose by 18 percent to Rs 634 crore, as against Rs 539 crore in the corresponding quarter of the previous fiscal year.
Commenting on the results, Munish Avasthi, chairman managing director of Sportking in a statement said, “We continue to enjoy steady recovery as evidenced by consistent growth and margin expansion in our financial results. The overall demand scenario remains encouraging with domestic market demand rising led by retailers and recovery of local segments such as weaving and denim.”
“Growth for the quarter was volume led with our production and sales volumes both registering a growth of 10% and 15% year on year, respectively. We strive to maintain a dedicated focus on improving our efficiency and that has resulted in us being able to maintain our peak utilization levels which remain amongst the highest in the industry,” he added.
Founded in 1989, Sportking India Ltd owns 3 manufacturing facilities in India equipped that produces diversified range of textiles to cater to the demands of weaving and knitting industry.
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