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Morarjee Textiles posts Q3, to acquire Italian Co's brands & assets

Jan '07
Morarjee Textiles Ltd, a part of the Ashok Piramal Group & a leading Textile player in India, has announced its unaudited financial results for the third quarter ended December 31, 2006. The Company has registered net profit of Rs 697 lacs for nine months ended December 31, 2006, an increase of 13.52% as compared to Rs 614 lacs for the corresponding period last year.

Highlights of the Quarter ended December 2006:
• Company raised Rs.42.83 Crores by issue of 77,86,913 fully paid equity shares of Rs.10/- each at a premium of Rs.45/- per equity share to the existing equity shareholders on rights basis
• Net income from operations for nine months ended December 31,2006 stood at Rs.15,513 lakhs, up 29.19%; as compared to Rs. 12,008 lakhs for the same period last year

Commenting on the Q3 Results, Mr. Harsh Piramal, Executive Vice Chairman, Morarjee Textiles Limited said, “Our growth momentum continues to be strong in the last quarter. As an extension of our current printing capacity of 8 million mtrs we have increased the capacity by 6 million mtrs this quarter."

"Faced with rising cost of production we are taking measures to increase price realization and operational efficiencies. Going forward we will be expanding our spinning capacity. We are also looking at setting up a captive power plant to offset the increase in power cost”.

Ms. Urvi Piramal. Group Chairperson, Ashok Piramal Group further added that “The board has approved the acquisition of 67% of Men's Club S.P.A of Italy by acquiring all brands and assets owned by New Men's Club srl, Italy who are the manufacturers of classic and sporty range of men's wear."

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