For the first time in a fiscal, SP Apparels Ltd (SPAL), an integrated clothing business with headquarters in Avinashi, Tamil Nadu, reported $1,078 billion for the fiscal year that concluded on March 31, 2023. Compared to the same year last year, when there were 860 crore, this is a 25% increase.
Due to rising staff expenses of 239 crore (190 crore), net profit for the year fell by 3% to 82 crore (85 crore).
The high increase in garment exports to 960 crore (742 crore) during the previous fiscal year helped the performance. The retail sector’s revenue climbed to 80 crores (48 crores). In contrast, ‘SPUK’ — a company founded in 2014 to investigate further marketing opportunities and conduct trading operations 58 crore (76 crore), as a result of gaining new clients in the UK, Ireland, and other European nations, according to information in the investor presentation.
The corporation declared a net profit of 20 crores for the fourth quarter that concluded on March 31, 2023 as opposed to 25 crores the year before, a 19% decrease. An rise in employee expenses to 61 crore (from 53 crore) was the main cause of this. Revenue increased by 8% to 275 crores (254 crores).
SPAL, established in 1989, is the largest producer and exporter of knitted clothing for newborns and kids in India. In 2016, company went public, expanding the Crocodile brand throughout several Indian States and towns.