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Abhishek Industries posts net profit of Rs 15.78 crore for Q3
05
Feb '11
The Board of Abhishek Industries Limited, the flagship Company of Trident group, in its meeting held on February 3, 2011 has approved results for the Quarter and Nine Months period ended December 31, 2010.

The Company has reported total revenue of `585.79 crores in Q3 of FY 2010-11 as against `460.50 crores of corresponding quarter of FY 2009-10. The net profit for Q3 is ` 15.78 crores.

Highlights
• The total revenues reported for nine months ended December 31, 2010 were `1808.65 crores as compared to` 1302.81 crores reported for the nine months ended December 31, 2009, thereby registering a growth of 38.83%.

• Net Revenues were `585.36 crores for the quarter ended December 31, 2010; an increase of 27.42% on YoY basis.

• EBIDTA for the quarter was `93.15 crores; an increase of 37.15% on YoY basis.

• Net Profit for the quarter was `15.78 crores vis a vis `0.93 crores in corresponding quarter – an increase of 1599.03% on YoY basis.

• The Company reported Net profit of `45.04 crores for the nine months period ended December 31, 2010.

Expansions
The Company has started civil works for Yarn Expansion Project for setting up 275904 spindles & 2040 Rotors including other balancing equipment at a total capital outlay of `1117 crores.

The Board also took note of financial closure of this project. This project has been appraised by SBI Capital Markets Ltd and involves a combined funding through debt and equity. The Company has tied up with banks for the Debt portion of funding amounting to `838 crores. The fund shall be availed by the Company by way of term loans from banks. The equity portion shall be funded through preferential issue of warrants to promoters/ non promoters and/or internal accruals.

Corporate Development
• The Company has allotted 29,699 equity shares to the eligible employees against vested options under Abhishek Employee Stock Options Plan, 2007. Consequent to this allotment, the paid up equity share capital of the Company has increased to `2,22,30,15,110.

• The Board has also proposed to change the name of the Company from Abhishek Industries Limited to Trident Limited subject to approval of shareholders and regulatory authorities.The change in name of the Company is part of branding strategy of the group and to leverage the brand equity of Trident Group.

Abhishek Industries Limited is a part of `3000 crores Trident Group and has interest in yarn, home textiles, paper, chemicals and captive power. The Company enjoys respectable position in all business segments it operates in and is pioneer in adopting Good Corporate Governance as a basic management principle.

Abhishek Industries Limited

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