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Soaring cotton prices not dented our OPM: MD Suryalakshmi
09
May '11
Hyderabad-based Suryalakshmi Cotton Mills Ltd., a major player in the Denim & Yarn Industry announced its audited annual results for FY2010-2011.

Total Income for the year ended March 31, 2011 stands at Rs 61218.90 lacs, up by 46.90 % from Rs41673.49 lacs last year. Net Profit is up by 700% to Rs 3480.62 lacs from Rs 435.06 lacs in 31st March 2010.Earnings per share is up by 701% to Rs 26.04 as compared to Rs 3.25 last year. Total Income for the last quarter of FY2011 stands at Rs 18820.07 as against Rs 11983.71 lacs in the last fiscal.

The company declared a final dividend of Rs.1.5 per share (which together with the Interim Dividend already declared of 10%, amounts to Rs.2.5 per share) as compared to Rs. 1 per share for the previous year.

Commenting on the results, Paritosh Agarwal, Managing Director said, "We are currently witnessing a stalwart recovery of the global textile industry and the soaring cotton prices have not dented our operating profit margins. Our continuous focus on value added products has yielded rich dividends in global markets. We are further expanding our capacity in line with market growth and hope to please our stakeholders with our consistent performance in the coming year.”

The company was in the process of setting up a 25MW captive thermal power plant in Nagpur at a cost of Rs.127 crores. The project would be funded through internal accruals, promoters contribution and debt. The company plans to utilize about 50% of the power and the rest would be sold to the state government.

Suryalakshmi, one of the major players in the textile industry, has modern spinning units at Amanagallu in Mahboobnagar district of Andhra Pradesh and a 40 million meter denim plant at Ramtek near Nagpur, Maharashtra. The company's subsidiary Suryakiran International Ltd., located at the outskirts of Hyderabad, is into the manufacture and export of denim garments. Suryalakshmi's large pan-India network, backed by a strong marketing presence, ensures quality products for both, domestic and international clients.

Suryalakshmi Cotton Mills Ltd

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