Sportking India Ltd Q2 net profit jumps 61 percent to Rs 25 crore

Sportking India Limited, a leading textile conglomerate reported a 61 percent increase in net profit to Rs 25 crore ($3 million) for the quarter ended September 30, as against Rs 15 crore in the year-ago period.

The company’s revenue for the quarter rose by 4 percent to Rs 652 crore, as against Rs 628 crore in the corresponding quarter of the previous fiscal year.

Commenting on the results, Munish Avasthi, chairman managing director in a statement said, “As evidenced in the current quarter’s results, our domestic market performance offset the temporary challenges faced from the export market thus achieving a topline that registered growth both on a year-on-year basis as well as sequentially.”

“Festivities and wedding season will fuel domestic demand in the upcoming quarter while inventory liquidation and sourcing shift should provide impetus to export demand. We will continue to focus on operational efficiencies while striving to unlock the full potential of the now merged companies,” he added.

Founded in 1989, Sportking owns 3 manufacturing facilities in India equipped that produces diversified range of textiles to cater to the demands of weaving and knitting industry.