S P Apparels Ltd, a Tirupur-based manufacturer and exporter of knitted garments reported a 40 percent increase in consolidated net profit to Rs 28 crore ($3.4 million) for the fourth quarter ended March 31, as against Rs 20 crore for the same quarter last year.
The company’s revenue for the quarter rose by 7 percent to Rs 295 crore, as against Rs 275 crore in the corresponding quarter of the previous fiscal year.
For the financial year 2024, the company reported a net profit of Rs 89 crore on a revenue of Rs 1,087 crore.
During the fiscal, the company signed a definitive agreement to acquire 100 percent stake in Young Brand Apparel Pvt Ltd along with certain fixed assets in the garment unit for a value of Rs 223 crore.
S P Apparels plans to expand into men, women, intimate wear, and other categories within the next year anticipating increase in the business.
S P Apparels currently operates 21 manufacturing facilities in Tamil Nadu. It owns the women’s wear brand, Natalia and has the exclusive right to manufacture, distribute and market products under the ‘Crocodile’ brand in India.
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