Home / Knowledge / News / Textiles / SKNL generates healthy result in Q1 FY2009
SKNL generates healthy result in Q1 FY2009
17
Jul '08
SKNL, a pioneer in manufacturing and distributing branded textile and ready to wear clothing, announced its results for the quarter ended 30 June 2008.

Commenting on the performance in Q1 FY2009 Mr. Nitin S. Kasliwal, Managing director and Vice Chairman of SKNL said,

“We have entered this fiscal year on a strong footing by delivering a healthy result in Q1 FY2009 and successfully completing a PE deal with GIC, the private equity arm of the Government of Singapore Investment Corporation.

GIC has invested Rs. 9,000 million in Reid & Taylor and acquired 25.4% stake in the company. The balance stake of 74.6% will continue to remain with SKNL. Reid & Taylor being valued at Rs. 35,400 million has been tremendously encouraging for the SKNL team.

The investment symbolizes a high level of confidence amongst global investors in our ability to execute and create distinct businesses that have the potential to deliver sustained value. We look forward to pursuing our opportunities for enhanced profitability and growth."

One of our key growth drivers going forward will be the high value fine cotton venture as it is a high margin business and since it requires significant expertise and investment, the sector is characterized by few players.

This business unit's manufacturing facility is set to be commissioned by Dec 2008 and once it is operational this segment should add substantial value as we will export a majority of the fabrics to leading international luxury brands.

We enjoy a good degree of penetration with brands present in a number of socio-economic segments across the clothing industry in India.

Our brands include Reid & Taylor, Belmonte, Stephens Brothers, Carmichael House and S.Kumars. With a wide portfolio of brands and an undiminished appetite for growth we believe our business will continue to deliver superior performances in the future”.

Revenues of the Company in Q1 FY2009 witnessed a healthy increase of 41.1% driven by healthy sales seen across segments of the company especially in the premium fabric and clothing segment

SKNL delivered a healthy operating profit and was successful in maintaining margins even though raw materials costs have risen significantly demonstrating the operating efficiency of the Company

PAT in Q1 FY2009 stood at Rs. 550.9 million":
- Interest cost increased by 64.9% to Rs. 276.1 million from Rs. 167.4 million, which is temporary in nature and would reduce with the conversion of warrants issued to Asia Debt Management Ltd.

- Depreciation for the period stood at Rs. 124.3 million

- Tax expense stood at Rs. 287.0 million for Q1 FY2009

Key Strengths:
- Highly capable management with several years of experience in the business
- Diverse set of brands that offer a varied range of products enabling it to cater to a number of socio-economic groups in the Indian market
- Reid & Taylor – premium fabrics and ready-to-wear suiting


Must ReadView All

Apparel/Garments | On 23rd Aug 2017

BRC welcomes clarity on goods flow during Brexit

British Retail Consortium (BRC) has welcomed the greater clarity that ...

Textiles | On 23rd Aug 2017

Kraig delivers first dragon silk fibre to medical firm

Kraig Biocraft Laboratories, Inc. a leading developer of genetically...

Information Technology | On 23rd Aug 2017

ThreadSol to organise Apparel Tech-Up in Bangladesh

ThreadSol, the pioneer in enterprise material management for sewn...

Interviews View All

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

August 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
67.7%
No
16.1%
Skip
16.1%

Total Votes: 31

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
45.2%
No
35.5%
Skip
19.4%

Total Votes: 31

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
83.9%
No
6.5%
Skip
9.7%

Total Votes: 31

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
61.3%
No
9.7%
Skip
29.0%

Total Votes: 31


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search