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Braided laces maker Pioneer Embroideries net profit up in Q3

25
Jan '07
Pioneer Embroideries Ltd has posted a 35% increase in the net profit at Rs 520.13 lakhs for the third quarter ended December 31, 2006 as against Rs 385.30 lakhs for the corresponding period last year.

The company has reported an increase of 20% in net sales at Rs 43.01 crores during the third quarter ended 31 December 2006 as against the net sales of Rs 35.75 crores during the previous corresponding quarter ended December 31, 2005. The EPS of the company stands at Rs 5.04 per share.

During the current year, the company merged with itself, two companies, namely Royal Embroideries Limited and Grant Apparel Pvt. Ltd. w.e.f 1.4.2005. The Honourable High Courts of Bangalore and Mumbai have sanctioned the scheme. With this, the company has been able to strengthen its foothold in the Southern markets.

Mr Harsh Vardhan Bassi, Executive Director of Pioneer Embroideries said, “The impressive result indicates the growing demand for our top-quality products. It also reflects the benefit derived from our expanding business operations abroad. With the aim of capturing larger consumer segments, we are in the final stages of acquiring a menswear brand shortly.”

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Pioneer Embroideries Ltd


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