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Indo Count's revenues spin up 97% in Q2

Nov '05
Mumbai based Indo Count Industries Ltd (ICIL), a 100 percent Export Oriented Unit (EOU) and a leading spinning & knitting company, reported a rise in net profit to Rs 1.65 crore for the quarter ended September 30, 2005 as compared to Rs 0.03 crore in the corresponding quarter previous year.

Revenues increased by about 97 per cent to Rs 57.83 crore as against Rs 29.26 crore during the same period in the previous year.

Earnings per share for the quarter stood at 0.60.

The company reported a 242.86 per cent rise in net profit to Rs 3.60 crore for the six months period ended September 30, 2005 as compared to Rs 1.05 crore.

Revenues during the first six months increased by over 73 per cent to Rs 107.8 crore as against Rs 61.97 crore during the same period previous year.

Commenting on the results, Mohit Jain, Director, Indo Count Industries Ltd said: 'The current performance is a reflection of goodwill, the company's products enjoy in the market and their good future prospects.

They are optimistic of robust growth in the coming quarters.'

He further added: 'Their foray into home textiles, which has huge growth potential owing to global demand supply mismatch, will further strengthen their position as a leading textiles exporter and contribute significantly to their financial performance.'

Indo Count has chalked out a Rs 400 crore expansion plan in home textiles segment to manufacture table linen, bed linen, curtains and made ups.

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