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Textile company Nahar records 37.97% jump in EBITDA for Q3

07
Feb '07
Nahar Industrial Enterprises Ltd (NIEL), a leading integrated textile company, in its Board of Directors meeting held on 31st January, 2007 has approved the Unaudited Financial Results for the third quarter ended 31st December, 2006.

The Company has posted EBITDA Rs. 52.90 crores as against Rs. 38.34 crores during the same quarter in the previous financial year, showing an increase of 37.97%. Revenue from operations have gone up to Rs. 243.95 crores during the quarter ended 31st December, 2006 as against Rs. 168.08 crores in the corresponding quarter of the previous year showing a growth of 45.14%. The Company has posted net profit at Rs.23.83 crores for the third quarter ended 31st December, 2006 as compared to Rs. 18.26 crores in the corresponding period of last year, an increase in 30.53%.

Mr. Kamal Oswal, Vice Chairman & Managing Director, Nahar Industrial Enterprises Limited said, "Besides our expansion plans in our existing manufacturing facilities, NIEL's focus would be on retail, which would ensure tremendous growth. We will have 250 Cotton County exclusive outlets by the end of this financial year and 1000 exclusive outlets all over India, with estimated revenue of over Rs. 700 crores by March, 2010".

Mr. Oswal also informed that the retailing and garmenting business is being carried out through NIEL's wholly owned subsidiary (100% Equity holding) i.e. Nahar Retail Ltd w.e.f 1st Dec, 2006. Thus the disclosed financial results are inclusive of financials of the wholly owned subsidiary.


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