'Our expansion plans for various verticals are on track' - Shri Lakshmi Cotsyn
Shri Lakshmi Cotsyn Limited (SLCL), diversified group engaged in manufacturing and processing a very wide range of end-to -end textile products and safety textiles for defence and paramilitary forces has reported a net profit of Rs 69.27 crore for the year ended June 30, 2009 an increase of 20.03% as compared to a net profit of Rs 57.71 crore posted in the same period of last year.
Total revenue for the year has crossed rupees one thousand crore milestone and stood at Rs 1171.59 crore a rise of 25.03% as against Rs. 936.99 crore in the year-ago period.
The earnings per share (Basic/Diluted) stood at Rs 44.46 as against Rs 38.99 in the July-June period of FY2008 resulting in an increase of 14.03%.
The Board of Directors of the Company announced un-audited results for the year ended on June 30, 2009, at a meeting held in Kanpur on July 29, 2009.
The company reported a net profit of Rs 19.27 crore for the Q4FY09 ended June 30, 2009 thus retained it as compared to a net profit of Rs 19.26 crore posted in the same period of last year. However, there is an increase of 67% in PBT as compared to similar quarter of the last year.
Revenue for the Q4FY09 stood at Rs 333.73 crore a rise of 45.17% as against Rs 229.89 crore in the year-ago period.
Commenting on the financial performance of the company, Dr M P Agarwal, Chairman and Managing Director, Shri Lakshmi Cotsyn Limited said, “Our expansion plans for various verticals that include home furnishing, terry towels, fusible interlining, smart vests, denim fabrics, technical textile fabrics, blackout fabric, and IRR fabric are on track. We are in the process of backward integration of our existing verticals and considering putting a spinning unit for captive consumption and growth.”
Other Key Developments
Chairman informed that M/s Armet Armored Vehicles (India) Ltd. which was a subsidiary of Shri Lakshmi Cotsyn Ltd. has now become the wholly owned subsidiary company due to dissolution of Joint Venture between Shri Lakshmi Cotsyn Ltd. & Armet Armored Vehicles Ltd. (U.K.) in view of non-subscribing the shares by Armet Armored Vehicles Ltd. (U.K.) @ 25% i.e. Rs. 2.5 Crores (US$ 5,00,000). This Joint venture was formed on 25.02.2007 between Shri Lakshmi Cotsyn Ltd. & Armet Armored Vehicles Ltd. (U.K.) to produce and assemble Armored vehicles of any kind but since then Armet Armored Vehicles Ltd. (U.K.) has not subscribed their share in the capital of the company as yet, consequently the joint venture gets dissolved.
• Chairman also informed that there is no effect on the working of M/s Armet Armored Vehicles (India) Ltd. by dissolution of this joint venture and the company is continuously engaged in the production of Armored Vehicles.
• The Board of Directors of the company has recently allotted 7,78,500 No. of equity shares of Rs. 10/- each at a premium of 90/- per equity shares tothe promoter group after approving the conversion of 7,78,500 No. of warrants out of 30,00,000 warrants in compliance with the provisions of Chapter XIII of SEBI (Disclosure & Investor Protection) Guidelines, 2000.