S. Kumars Nationwide Limited (SKNL), India's leading textile and apparel manufacturer, has reported a 44.5 percent increase in its net profit for the year ended March 31, 2011. The company's net profit for fiscal 2010-11 stood at Rs. 330.9 million compared to Rs. 229 million in the earlier fiscal.
While SKNL's operating profit increased 36.6 percent to Rs. 1.05 billion during the same period, its net sales increased 35.3 per cent to Rs. 5.22 billion.
The firm has also reported an increase of 6.3 percent in its net profit margin during fiscal 2010-11 compared to 5.9 percent in the corresponding period of the previous fiscal.
Due to lower cotton prices and growth in its international sales volume, the company is expecting its operating margins to rise by 2 percent in fiscal 2011-12.
The company is also expanding in domestic market, and is expecting its revenue to grow by 25-30 percent in the current fiscal ending March 31, 2012.
SKNL is also expecting to launch the Rs. 10 billion initial public offering (IPO) of Reid and Taylor in June 2011. The company holds 75.5 percent stake in Reid and Taylor, whereas the remaining share is held by GIC Singapore.
The company's working capital will increase because of the IPO, and its long-term debt is expected to reduce by Rs. 6-7 billion.
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