SP Apparels Ltd, the Avinashi-based textiles company, has reported a 40 per cent increase in consolidated net profit to ₹28 crore for the fourth quarter ended March 31, 2024, as against ₹20 crore for the same quarter last year. Revenue increased 7 per cent to ₹295 crore (₹275 crore).
Exports for the current quarter grew to 15.5 million pieces (14.41 million pieces) on a year-on-year basis and 14.28 million on quarter-on-quarter basis.
For the fiscal, the company reported a 9 per cent increase net profit to ₹89 crore (₹82 crore). Revenue was flat at ₹1,087 crore (₹1,080 crore).
The consolidated financial results include financial results of S.P. Apparels Ltd (holding company ) and the financial results of its subsidiaries — S.P. Retail Ventures Ltd, Crocodile Products Private Ltd and S.P. Apparels UK (P) Ltd.
Agreement for acquisition
Last fiscal, the company signed a definitive agreement to acquire 100 per cent stake in Young Brand Apparel Pvt Ltd, the subsidiary of Bannari Amman Spinning Mills Ltd, along with certain fixed assets in the garment unit situated at Palladam and land and building situated at Perundurai SIPCOT for a value of ₹223 crore. During the quarter, the company paid an advance of ₹32 crore towards consideration, it said in a communication to the stock exchanges.