Suryalakshmi Cotton Mills Q3 net up by 7.57 pc to Rs 7.03 cr
Mumbai, Feb 2 (PTI) Leading denim manufacturer Suryalakshmi Cotton Mills Ltd today said its net profit increased by 7.57 per cent to Rs 7.03 cr during the quarter ended December 2012 as compared to Rs 6.53 crore in the same period last year.
The company''s net sales increased by nearly 15.12 per cent to Rs 173.79 crore in Q3 FY 13 as compared to Rs 150.96 crore in the same period last year, a company statement said here.
"The profit for this quarter has been marginal due to the steep increase in power tariff, apart from overhead expenses incurred in the commencement of our 25-MW captive power plant at our denim division at Ramtek near Nagpur. We expect the next quarter to pool in profits at a larger length with the power plant''s surplus power being sold out," Managing Director Paritosh Agarwal said.
The company plans to set up 50,000 spindles spinning unit in Maharashtra to benefit from the additional TUF subsidy and capital subsidy being offered by Government of Maharashtra and also to utilise the surplus power from captive power plant recently commissioned by the company, Agarwal said.
The board also decided in principle to effect merger of its subsidiary Suryakiran International Ltd with the company with April 1, 2013 as appointed date and has constituted a committee of directors to work out the details.