Textile business SP Apparels Ltd, situated in Avinashi, has announced a 40 per cent rise in consolidated net profit to Rs. 28 crore for the fourth quarter that concluded on 31st March 2024, compared to Rs. 20 crore for the corresponding period of the previous year. The revenue grew by 7 per cent to Rs. 295 crore.
Exports increased to 15.5 million pieces (or 14.41 million pieces) in the current quarter compared to 14.28 million in the previous quarter. The company declared a 9 per cent increase in net profit to Rs. 89 crore for the fiscal year. At Rs. 1,087 crore, revenue was unchanged.
The parent company S.P. Apparels Ltd. and its subsidiaries S.P. Retail Ventures Ltd., Crocodile Products Private Ltd., and S.P. Apparels UK (P) Ltd. are included in the consolidated financial results.
In the most recent fiscal year, the company finalised a deal to pay Rs. 223 crore for a 100 per cent ownership in Young Brand Apparel Pvt Ltd, a subsidiary of Bannari Amman Spinning Mills Ltd, as well as some fixed assets in the Palladam garment unit and land and building at Perundurai SIPCOT. The company informed the stock exchanges in a notification that it had made an advance payment of Rs. 32 crore towards consideration during the quarter.
