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SKNL delivers enhanced performance in Q2 FY2010-11
30
Oct '10
SKNL, a leading brand-led conglomerate involved in design, manufacturing, marketing and distribution of high quality fabrics and ready-to-wear garments, has announced its results for the second quarter and half year ended 30 September, 2010.

Financial performance update:

Q2 FY2010-11 Financial results highlights:
- Net sales from operations up 26.5% to Rs. 1203.40 crores from Rs. 951.41 crores.
- EBIDTA improves 32.1% to Rs. 242.08 crores. from Rs. 183.25 crores.
- Net profit (before minority interest) up 12.4 % to Rs. 77.85 crores compared to Rs. 69.25 crores.
- PAT after minority interest at Rs. 63.87 crores.
- Fully diluted EPS after minority interest (not annualized) at Rs. 2.52.

H1 FY2010-11 Financial results highlights:
- Net sales from operations up 43.3% to Rs. 2378.32 crores from Rs. 1659.53 crores.
- EBIDTA improves 35.5 % to Rs. 467.59 crores from Rs. 345.17 crores.
- Net profit (before minority interest) up 18.4 % to Rs. 155.04 crores compared to Rs. 130.99 crores.
- PAT after minority interest at Rs. 126.58 crores.
- Fully diluted EPS after minority interest (not annualized) at Rs. 5.04.

SKNL has delivered an enhanced performance in Q2 FY2010-11. The Company has demonstrated an ability to deliver improving and sustained performances through variable and often challenging environments demonstrating the strength and diversity of its business model. Now that the macro economic scenario has turned, the Company is well placed to grow manifold driven by its brand, design, manufacturing, marketing and distribution led activities.

Domestically, the Company has a strong set of brands catering to nearly all socio-economic segments in the branded garment and fabric space. With the acquisition of assets of HMX, the largest men's tailored Company in America, SKNL now has access to a whole array of leading international brands including Hickey Freeman, Bobby Jones, Hart Schaffner Marx, Exclusively Misook, Austin Reed amongst others.

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.

(SKNL results that are being reviewed are consolidated with Reid and Taylor India Limited (RTIL), Leggiuno SpA along with holding Companies and HMX LLC and Coppley Inc. and SKNL-UK).

In the quarter under review, SKNL's net sales grew 26.5% to Rs 1203.40 crores from Rs. 951.41 crores. This growth in sales was driven mainly by volume enhancement across product offerings.

EBIDTA for the quarter stood at Rs. 242.08 crores compared to Rs. 183.25 crores, an increase of 32.1%. Margins for the quarter under review stood approximately at 20.0 %. In Q2 FY2010-11, PBT increased to Rs. 115.62 crores versus Rs. 100.15 crores in the corresponding period last year. Net profit after minority interest for the period under review stood at Rs.63.87 crores compared to Rs.58.43 crores.

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