Sai Silks Kalamandir Q2 net profit rises 2 percent to Rs 24 crore

Ethnic apparel retailer Sai Silks Kalamandir Ltd (SSKL) reported a two percent increase in net profit to Rs 24 crore ($2.9 million) for the quarter ended September 30, as against Rs 23 crore in the year-ago quarter.

The company’s revenue for the quarter rose by 6 percent to Rs 347 crore, as against Rs 326 crore reported in the corresponding quarter of the previous fiscal year.

SSKL is banking on the booming saree market to fuel its growth in the coming quarters and expects strong sales from south India.

As south India’s leading ethnic value fashion player catering to wide audience through multiple formats, the company expects the end the financial year on the back of strong wedding and festive season sales.

SSKL operates through four different format stores, namely Kalamandir, Mandir, Varamahalakshmi Silks, and KLM Fashion Mall. It also retails through e-commerce channels that include their online stores and multi-brand e-commerce marketplaces.