Turnover during the year was Rs 417.83 crores with an increase of 16% over that of previous year, which will touch Rs.500 crore in the current year.
Online PR News – 17-May-2010 – – TURN AROUND BY SURYALAKSHMI- FORAY INTO POWER GENERATION
• Turnover shows increase of 16% over previous year
• Substantial PAT improvement to Rs. 4.35 cr
• Board recommends dividend of 10 % at Board Meeting on 15th May 2010.
• To put up captive 25 MW Thermal Power Plant at est cost of Rs. 135 crore
Hyderabad, 17 May 2010: Suryalakshmi Cotton Mills Ltd, a major player in the textile industry in South India, has shown a markedly improved financial performance this year.
• Turnover during the year was Rs 417.83 crores with an increase of 16% over that of previous year, which will touch Rs.500 crore in the current year.
• EBIDT margins have grown up from 7.2% in the previous year to 12.3% during the current year.
• Solid fourth quarter PBT of Rs7.93 crores. PAT has improved significantly to Rs. 4.35 crores during the year 2009-10 against the loss of Rs. 15.7 crores in the previous year.
Suryalakshmi, a major player in the denim industry, has recorded an impressive growth in exports during the year. The Company’s efforts in building a direct business with leading international brands like V.F CORP., LEVI’S, WALMART, TARGET etc have paid off and its value added and fancy denims continue to be well received in the European and US markets. The demand for denim in the domestic market has also improved.
The Yarn division has also shown good growth. The company proposes to add another 10000 spindles to its yarn division at Amanagallu taking the total spindleage to 60000. The company also proposes to enhance the spinning capacity at Ramtek to improve the profitability and simultaneously reduce dependence on outsourcing.
Additionally, Suryalakshmi Cotton Mills is putting up a captive 25 MW Thermal Power Plant at an estimated cost of Rs. 135 crores to further improve the profitability of its denim division.
The necessary approvals have been obtained and fuel linkage has also been tied up. The necessary financing arrangements are being worked out. The power plant is expected to be commissioned in 2011-12. After meeting the captive requirements of power, the company plans to sell the surplus power.
About Suryalakshmi Cotton Mills Ltd
Suryalakshmi, one of the major players in the textile industry in South has modern spinning units at Amanagallu in Mahboobnagar District in Andhra Pradesh and a 40 million meter denim plant at Ramtek near Nagpur, Maharashtra. The company’s subsidiary Suryakiran International Ltd, located in the outskirts of Hyderabad, is into the manufacture and export of denim garments. Suryalakshmi’s large transnational network backed by a strong marketing presence ensures quality products to its domestic and international clients