Suryajyoti Spinning Mills Ltd launched a new unit at Rajapur in Andhra Pradesh, which has installed 25,200 spindles to enhance cotton yarn output.
Net investment of Rs48 crore has been made for the unit, which was mainly financed by debt of Rs35 crores under TUFS and the rest by internal accruals worth Rs13 crores. Company's total capacity has gone up from 62,560 spindles to 87,760 spindles.
Suryajyoti now expects its net profit to reach Rs250 crores by 2008 from Rs140 crores this year. Operating margins are also anticipated to increase from the present 12 percent to about 19 percent owing to higher margin products and lesser power costs.
Company plans a bottom-weight fabrics weaving, dyeing and finishing unit in partnership with an Italian firm in its next expansion phase.
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