Major textile and clothing manufacturer Sportking India recorded a 75 per cent increase in net profit to Rs. 32 crore for the first quarter that ended on 30th June from Rs. 18 crore in the same period the previous year. Compared to Rs. 539 crore in the same quarter of the previous fiscal year, the company’s revenue for the quarter increased by 18 per cent to Rs. 634 crore.
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 per cent and 15 per cent 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.
Sportking India Ltd. was established in 1989 and now has three manufacturing facilities in India that are capable of producing a wide variety of textiles to meet the needs of the knitting and weaving industries.
