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Priyadarshini Spinning's net profit jumps 44% in 2005-06

03 May '06
2 min read

Priyadarshini Spinning Mills Limited (PSML), a leading manufacturer in cotton and synthetic yarn, announced a 44 percent jump in its net profits for financial year 2005-06.

The company announced that profit after tax went up Rs97 lakhs in current quarter compared to Rs52 lakhs for corresponding quarter of the last fiscal.

An investment of Rs40 crore has been made for further expansion and modernization of spinning mills, informed Harish Cherukuri, Managing Director of Priyadarshini Spinning Mills

PSM has undertaken various strategic initiatives for the year including setting up of garment and yarn dyeing units and has successfully met targets for year ending March 2006, Cherukuri conveyed.

Priyadarshini Spinning Mills Ltd is a well established spinning mill in the southern Indian state of Andhra Pradesh. The mill was founded in 1983 by C K Rao, a technocrat with a wide range of experience in spun yarn manufacturing.

From a modest 20,000 spindles, the spindle capacity today has increased to 60,000.

The Sadasivpet unit accounts for 40,000 spindles while the Doddavarappadu plant accounts for the remaining 20,000 spindles.

In the course of time the Company has gained not only an ISO 9001 certification but also the status of an export house. In the year 2004-05 the Company had registered a turnover of Rs 150 crore.

The Company is well established in the marketing of cotton and synthetic blended yarns and has also made a foray in the direction of fabric and garment exports.

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