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NIEL net sales jump Rs920 cr for fiscal 2006-07

Jun '07
Nahar Industrial Enterprises Limited (NIEL), one of the leading integrated textiles Company of the country, announced its financial results for the year ending 31st March, 2007, reporting a growth of 34.38% in its Profit before Tax (PBT). The Board of Directors of the Company also recommended a 10% Dividend for the year 2006-2007.

Declaring the annual results of the Company Mr. Kamal Oswal, Vice Chairman & Managing Director, Nahar Industrial Enterprises Limited (NIEL) said, we have identified retail as the prime engine for growth.

He further added, “Encouraged by the immense growth witnessed over the last one year in our retail business in the ready-to-wear apparel segment, through our wholly owned subsidiary - Nahar Retail Limited, we are confident of sustaining our expansion plans in the coming fiscal too. The disclosed figures are reflective of the figures of the wholly owned subsidiary i.e. Nahar Retail Limited.”

The Net sales during the fiscal 2006-2007 jumped to Rs. 920.27 crores from Rs. 694.14 crores during the previous year, hence showing an increase of 32.58%.

During this period, NIEL also recorded a year on year jump of 34.38% in the Profit before Tax (PBT) figures, up from the PBT of Rs. 76.72 crores registered in the fiscal 2005-2006 to Rs.103.10 crores.

Outlining details of the phased expansion programmes undertaken last financial year, Mr. Kamal Oswal said, “Nahar Industrial Enterprises Limited has successfully completed part of its strategic expansion plans with the commencement of the commercial production of the process unit II with a capacity of 50,000 meters per day and yarn dying plant with a capacity of 5 tons per day at Lalru, Punjab."

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