Morarjee Textiles Limited, a part of the Ashok Piramal Group and a leading textile company at its Board Meeting announced the Q2 results for the quarter ended September 2006.
Net income from operations stood at Rs.5307 lakhs, up 20.9 percent; as compared to Rs. 4389 lakhs for the same period last year.
Profit after tax stood at Rs. 270 lakhs, up 17.9 percent; as compared to Rs. 229 lakhs for the same period last year.
Earning per share for the three months ended September 30, 2006 (not annualized) was Rs 2.46 as compared to Rs. 2.09 or the same period last year Commenting on the Quarterly Results, Mr. Harsh Piramal, Executive Vice Chairman, Morarjee Textiles said, "The Company has made significant progress during the quarter ended September 2006 due to operational efficiency in shirtings, print capacity, better realization of product mix which lead to an increase in average realization per meter."
The Company's Rights Issue of 77,86,913 fully paid equity shares of Rs.10/- each (including warrants attached thereto) at a premium of Rs.45/- per share aggregating to Rs.42.83 Crores closed on 10th October 2006.
The Company is in the process of finalising the allotment. Post allotment the equity capital of the Company will increase to Rs.18.17 Crores.
Morarjee Textiles Limited
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