Press Release Summary = S. Kumars Nationwide Limited (SKNL), India's leading multi- fiber, multi-segment diversified textile Company, announced its results for the second quarter ended 30th September 2006.
Press Release Body = Bangalore 16th October, 2006: S. Kumars Nationwide Limited (SKNL), India's leading multi- fiber, multi-segment diversified textile Company, announced its results for the second quarter ended 30th September 2006.
On the back of 32.4% growth in turnover to Rs. 278.25 crores from the previous year's corresponding quarter figure of Rs. 210.19 crores, operating profit rose to Rs. 58.19 crore (Rs. 33.18 Crore) - a growth of 75.4%. Profit after tax for the quarter stands at Rs. 27.42 crores (before extra-ordinary income) against a corresponding figure of Rs 8.83 crores indicating an increase of 211%. Operating margin has improved significantly to 20.9% from 15.8%.
The board gave consent to raise $65 million equity related funds. This will fund organic & inorganic growth of the company (Acquisitions, Capital expenditure & Working Capital requirement) and will be raised through Qualified Institution Placement (QIP).
Speaking on the occasion, Mr. Nitin S. Kasliwal, Vice Chairman & Managing Director said, "The continued growth is due to a combination of strong fundamentals of the company coupled with strict adherence to plans"
He added, " that a very strong launch performance by Carmichael House, a brand introduced last quarter in the Home Furnishings category and the launch of Belmonte, a new mid- priced fabric and ready to wear brand, will further boost the performance. The buoyant festive season, would add to our performance too."
The manufacturing facilities under construction at Ankleshwar in Gujarat for High Value Cotton Fabrics (HVFC) and Home Textiles projects are as per plans. These facilities will be ready for commercial production in the next financial year.
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