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Morarjee Textiles net profit up 24.6% in Q4

May '07
Morarjee Textiles Ltd a part of the Ashok Piramal Group & a leading Textile player in India, has announced its financial results for the annual ended March 30, 2007.

The Company has registered net profit of Rs 1226 lac for year ended March 30, 2007, an increase of 24.6% as compared to Rs 984 lac for the corresponding period last year.

Highlights for the annual ended March 30 2007:
• Consolidated Net income from operations stood at Rs. 26716 lac, up 46%; as compared to Rs. 18334 lac for the same period last year
• During the year, the 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. Post this issue the Company's share capital has increased to Rs.18.17 crores.
• The Company has also allotted 51, 91,275 detachable warrants in the ratio of 2 warrants for every three equity shares allotted pursuant to the aforesaid rights issue. The holders of warrants may exercise their right to convert the warrant into equity shares of the company at a price of Rs.100/- per share at any time after 12 months from the date of allotment but not later than 36 months from the date of allotment as decided by the Company.
• A sum of Rs.7.96 crores to acquire 49% stake in Just Textiles Ltd, a company engaged in the business of processing textile products.
• A sum of Rs.15 crores in equity shares of Integra Apparels and Textiles Pvt. Ltd. to raise the stake to 88% of the Company's paid up capital.

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