Evinix Accessories net profit vaults 100.04% to Rs 12.83cr

Evinix Accessories Ltd, a leading designer and manufacturers of fashion accessories and garments, has posted a 100.04 percent jump in its net profit at Rs. 12.83 crore for the financial year ended March 31, 2008 as compared to Rs 6.42 crore in the corresponding previous year. Net sales rose by 74.54 per cent to Rs 119.05 crore as against Rs 68.21 crore during the corresponding previous year. The earning per share for the year stood at Rs 12 as compared to Rs 8.56 last year.

New Business Initiative

During the year, the company has successfully ventured into its rapid retail mode and has launched its twin retail stores, under name “CUT”-Youth Style Store, in Pune. CUT (an acronym for Comfortable, Urban and Trendy) houses 61 global brands under one roof. CUT is all set to provide a unique store ambience to youngsters aged between 16 to 35 years. All stores are company owned and company operated. The company plans to roll out 15 new stores in Gujarat and Maharashtra by end of June 2008. CUT will be seen in all the two and three tier locations adjacent to youth hangout zones, like colleges, IT parks.

Management’s comments

Mr. Raujeev Taneja, Managing Director, Evinix Accessories Ltd. said, "The Company is moving up the value chain with a presence in fashion accessories, garments and retailing. Strong sales growth backed by new garmenting capacity and improvement in margins are expected to continue.” 

Sourced From: Adfactors Public Relations Pvt Ltd