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Indo Count posts 55% jump in FY11' net profits
20
May '11
On the back of an exceptional performance of its home furnishings division, the Anil Jain led – Indo Count Industries posted a positive turnaround in its net profits in the fiscal ended March 31, 2011.

Against a loss of Rs 165.3 million reported in the fiscal year 2009-10, it recorded net profits of Rs 106.6 million in fiscal 2010-11, a surge of over 55 percent.

It also registered an outstanding growth in sales by touching Rs 7.33 billion, up 73 percent.

However in the quarter ending on March 31, 2011, it posted a net loss of Rs 21.3 million against a net profit of Rs 15.9 million in the comparable quarter of 2010.

Revealing their expansion plans; Anil Jain said, “We plan to invest Rs 5 billion over the next three years to expand capacity at the Kolhapur unit, which will be funded through internal accruals and bank loans”.

Indo Count counts amongst its global buyers reputed retailers like Wal-Mart, JC Penney, Macy's, IKEA, Home Centre, Belk, Kohl's, Spring Global and Bloomingdale's American Living.

The textile company plans to increase its range by adding value-added products like comforters, bed skirts, duvet cover, pillows, quilted coverlets and curtains, etc.

Fibre2fashion News Desk - India

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