Net profit up by 36% @ Shri Lakshmi Cotsyn
Shri Lakshmi Cotsyn Limited (SLCL), an integrated textile player engaged in manufacturing and processing of wide range of end-to-end textile products and safety textiles for defence and paramilitary forces reported a rise of 62% in net profit at Rs 25.40 crores for the quarter ending 31st March as compared to its net profit reported same period last year.
Total revenue for the quarter stood at Rs. 383.02 crore, a rise of 33 % as against Rs. 288.02 crore in the corresponding quarter. EBIDTA margins for the textile segment enhanced to 17% in the third quarter ending as compared to the 15% in Q3FY10. EPS for the quarter was Rs14.98 as compared to Rs. 10.05 in Q3FY09.
For the nine months period, Shri Lakshmi Cotsyn Ltd clocked a net sale of Rs1109.93 crore as compared to Rs. 829.37 crore, in the corresponding nine months period of previous year resulting an increase of 34%. While the Net profit stood at Rs. 68.09crore as against Rs 50.20crore, in the corresponding nine months period of previous year, an increase of 36%.
During this quarter, Shri Lakshmi Cotsyn Ltd announced the conversion of 8, 43,000 number of warrants into equivalent number of equity shares to promoter group.
Commenting on the results, Dr M.P. Agarwal, Chairman & Managing Director, Shri Lakshmi Cotsyn Ltd said, “We are carrying out a diversified expansion plan for our various verticals that includes home furnishing, terry towels, denim fabrics, technical textile fabrics and spinning project with the project cost of Rs 1,500 crore which shall be funded by raising close to Rs 500 crore in the form of Equity and Rs 1,000 crores as Debt, “The total expansion plan for FY10-11 is expected to yield an additional turnover of Rs 1,000 crore in FY 2011-12 .We believe that post its expansion, Shri Lakshmi Cotsyn will grow faster in the textile industry due to its large scale facilities, fully integrated operations and a diversified rich product mix.”
Dr. Agarwal has also made following announcements:-
1. That the company is setting up 50 MW Solar Power Project in the state of Rajasthan.
2. That the Central Bank of India has approved the project amounting to Rs. 992 Crores for setting up Technical Textile, Denim and Wider Width Sheeting expansion projects and has underwritten the entire term loan of Rs. 694 Crores out of the total project cost.
3 That The Company has acquired spinning facilities of 25000 no's of spindles on job work at District Fatehpur from U.P State Co-operative Federation Limited.
4 That the ongoing Terry Towel expansion project from 3000 TPA to 15000 TPA which is expected to be commissioned by September 2010.
5 That the Company is launching its “DYFI” brand for Garments. On 1st July 2010 on All India basis.
Shri Lakshmi Cotsyn Ltd. is a technology driven integrated multi-product and multi-market player, engaged in manufacturing and processing for high quality standards, end-to -end textile products and safety textiles for paramilitary forces and other defense establishments since 1993.
Shri Lakshmi Cotsyn Limited