Himatsingka net profit grows 59%

The textile major said its consolidated net profit grew to Rs 16.54 crores in the quarter ended June 30, 2013

Himatsingka Group posted a first-quarter net profit that increased 59 per cent primarily helped by a steep rise in manufacturing revenue from the drapery, upholstery and bedding division. Shares of Himatsingka Seide Ltd closed up almost 10 per cent at Rs 30.35 on Monday

The textile major said its consolidated net profit grew to Rs 16.54 crore in the quarter-ended June 30, 2013 from Rs 10.40 crore in the same quarter, last year

Consolidated net revenue grew 24.9 per cent to Rs 477.7 crore in the first quarter. A 26.6 per cent increase in distribution revenue in North America by brands like Calvin Klein Home, Barbara Berry and other private label lines also contributed to the spike in total revenue.

However, distribution revenue represented by its Atmosphere brand in India, Middle East and South East Asia dropped 18.7 per cent to Rs 10.5 crore. Atmosphere is the luxury home textile brand of Himatsingka Group and is present in 14 stores across India, UAE and Singapore.