Herewith we attached the revised Annual Report for the FY 2024-25 of S.P Apparels Limited.
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S.P. Apparels resubmitted its FY25 annual report to include the secretarial audit of its newly acquired subsidiary Young Brand Apparel. On a consolidated basis, total revenue grew 27.5% to Rs. 1,407.3 crore (from Rs. 1,103.7 crore), EBITDA rose about 15% to Rs. 200 crore, and PAT increased 6% to Rs. 95.1 crore. On a standalone basis, revenue rose a modest 2.6% to Rs. 989 crore, but EBITDA fell about 8% to Rs. 168.8 crore and PAT declined nearly 20% to Rs. 83.5 crore due to margin pressure in the garment division from low efficiency and air freight costs. The Board recommended a dividend of Rs. 2 per share (20%). Management highlighted Sri Lanka factory acquisitions, a strong order book of Rs. 442 crore, and capacity expansion of 1,000 sewing machines by March 2026.
Short-term: standalone earnings weakness and higher debt (debt-equity rose 82% to 0.30 due to acquisition-related borrowings) may weigh on sentiment. Long-term: consolidation gains from Young Brand Apparel, Sri Lanka expansion, and UK-India FTA benefits provide a clear growth runway, supported by a healthy Rs. 442 crore order book.