S Kumars' profit grows 18% to Rs 69 crore

Textile major S Kumars Nationwide (SKNL) has recored an 18 per cent jump in consolidated profit after tax (PAT) to Rs 69.25 crore for the second quarter of the current fiscal.

Consolidated net sales of the company, which owns several brands including Reid & Taylor and Belmonte, grew 37 per cent to Rs 951.4 crore in the latest quarter of FY'10 from Rs 560.4 crore of the corresponding period a year earlier, SKNL said in a statement to the Bombay Stock Exchange (BSE) today.

"This growth in sales was driven mainly by volume enhancement across product offerings. Revenues have also been positively affected by a Rs 243.5 crore sales contribution from its overseas operations," the company said.

For the half year ended September 30, the apparel major registered a consolidated PAT of Rs 130.99 crore, up 15 per cent compared to Rs 113.73 crore of the same period last year.

Stating on the firm's performance for the coming periods, the company said: "For the rest of this year, SKNL expects to progressively improve its performance led by increased festive season sales, higher consumer confidence and efficient cost management."

On the recently acquired Hartmarx, the US-based clothing firm, SKNL said this will enable tremendous backed-fronted synergies within the group.

"The financial benefit of the acquisition will start in the coming quarters," SKNL Managing Director and Vice-Chairman Nitin S Kasliwal said.