Hyderabad-based Suryalakshmi Cotton Mills Limited, a major player in Denim & Yarn Industry, announced its audited financial results for the year ended March 31, 2012.
Total Income for FY 12 stood at Rs .67777.48 Lacs as against Rs.61164.64 Lacs for FY 11 up by 10.81%. The Net Profit for FY 12 is Rs.2830.55 Lacs . Inspite of the current status of the Textile Industry, the Board has recommended a Dividend of 25%.
Basic EPS stands at Rs.21.16 as compared to Rs.26.04 for the corresponding previous year.
The results for Q4 FY12 show that the Total Income stood at Rs.18783.13 Lacs as against Rs.15257.25 Lacs for Q4 FY 11.Similarly, Net Profit stood at Rs.545.27 Lacs for Q4 FY12 as against Rs.653.40 Lacs for the corresponding quarter of last year.
Commenting on the results, Paritosh Agarwal, Managing Director said, "I am pleased to note that considering the present industry scenario Suryalakshmi has emerged stronger in FY 11-12 compared to FY 10-11. We will continue to emphasize more on strategy with discipline in execution which will help us to strengthen our organization's services nationally while maintaining profitability. We promise to continue delivering maximum value to the growth of all our clients and stakeholders".
With the focus on development of high value added Denims the Company has been able to maintain its profitability inspite of adverse market conditions.
It may be noted that the promoters have converted the 11,60,000 warrants issued by preferential allotment at Rs.135/- per share which is much above the prevailing market price, indicating the abundant confidence the management has in the Company. The 25 MW Captive Power Plant at Ramtek is expected to be commissioned by June, 2012. The Company is also planning to expand its Captive spinning capacity at Ramtek to cater to it denim requirements and also sale. With these expansions, company expects its total income to cross Rs.1000 Crores by FY 2014.
Suryalakshmi, one of the major players in the textile industry in South has 60,000 spindles capacity at Amanagallu in Mahboobnagar District in Andhra Pradesh and a 40 million meter denim plant at Ramtek near Nagpur, Maharashtra.
Suryalakshmi Cotton Mills Limited