SKNL Q3 net profit up 74% to Rs 81 cr

Textile and apparel group SKNL today reported 74.6 per cent jump in its net profit to Rs 80.7 crore for the third quarter ended December 31, 2009, compared to the same period last fiscal on the back of robust growth in its domestic business.

The company had registered a net profit of Rs 46.28 crore in the third quarter last fiscal year, SKNL said in a statement.

During the third quarter this fiscal, the company's net sales doubled to Rs 1,210.4 crore over the corresponding period previous financial year.

"The quantum jump in sales is on account of 54 per cent growth in the domestic business and consolidation of sales of international companies namely Hartmarx, USA and Leggiuno, Italy," the company said in a statement.

Last year, SKNL had acquired US-based clothing group Hartmarx Corporation for a total transaction value of approximately $119 million.

"While continued growth and strong earning results from our domestic business is apparent, what is more interesting is the continued ascent of our international businesses," SKNL Managing Director and Vice Chairman Nitin S Kasliwal said.