Pradip Overseas, a home furnishing textile firm, announced early this week that, their profit-after-tax (PAT) increased by 55.49 percent to Rs 689.9 million for the year ending March 31, 2010, as against Rs 443.7 million registered, last year.
For the year ending March 2010, the firm's earnings stood at Rs 16.06 billion as compared to Rs 11.70 billion registered during the same period last year. For the 2009-10 fiscal year, Pradip Overseas has suggested a dividend of 10 percent or Re 1 per share.
According to Pradip Karia, Chairman of the company, over 50 percent of the company's goods are for international consumption. Also, since most of the exports, as of now, are in rupee denomination (indirect export), the firm is planning to move to a direct export business framework.
Currently, Pradip Overseas is setting up a new unit in the self-sponsored special economic textile zone, being developed near Ahmedabad. By June, 2010, end the firm will procure all the necessary SEZ notifications and clearances.
In order to fund its production facility and also, in part, fund the incremental borderline money requirement for working capital, Pradip Overseas had released an initial public offer (IPO), earlier this year. They were able to generate Rs 1.16 billion through this IPO.
Currently, the company's production capacity is of 136.5 million metres per annum and it is intending to boost this capacity to 169.50 million metres per annum, so as to meet with the increasing demand.
Fibre2Fashion News Desk - India