Suryajyoti Q2 Net Profit rises by 877%

Suryajyoti Spinning Mills Ltd. (BSE Code: 521022; NSE Symbol: SURYAJYOTI) leading manufacturers of Yarn and Fabric posted a 877% rise in Net Profit at Rs.557 lakhs for the Quarter ended September 30th 2010, as compared to Rs. 57 lakhs in the corresponding period of the previous year.

The company’s revenues soared to Rs. 8378 lakhs for the quarter posting a rise of 29% as compared to Rs. 6479 lakhs in the corresponding period of the previous year.

The EPS of the Company has surged to Rs.3.45 compared to Rs.0.35 in the corresponding period of the previous year, resulting an increase of 886%,.

Commenting on the results, Mr. A K Agarwal, Executive Director, Suryajyoti Spinning Mills Ltd said, “We are seeing a strong demand environment across the Textile Sector and are extremely bullish about the future of Textile in the coming days. Our Exports are on constant growth constituting 40% of revenues and we are trying to penetrate into newer geographies. The management is in the process of continuous expansion mode, modernizing its units frequently in order to match global standards & provide a 360 degrees satisfaction to our customers.”

About Suryajyoti Spinning Mills Ltd
Suryajyoti Spinning Mills Limited started operations in 1992 and over a period increased its capacity to 86,560 spindles. The Company produces a very high quality of yarn of international standards and exporting to various countries in all the product range viz. Cotton, Polyester spun, Poly Viscose blend, Poly Cotton blend and 100% Viscose spun, in count range of 16’s to 80’s. The Company has multi-locational Yarn manufacturing facilities at Burgul, Makthal and Rajapur in Mahabubnagar District in Andhra Pradesh.

As a part of forward integration, the Company had entered into a value-added Bottom-weight fabric business by setting up a state-of-art facility in Kucherkal village in Mahabubnagar District with a capacity of 20 million meters per annum. Commenced Commercial Production on 01.10.2009. The Project was set up with the Technical Collaboration with Pangea Srl, Italy. This is the first of its kind in entire Andhra Pradesh. It will be one of the few in India to give speciality bottom weight and outerwear fabrics.
On successful commissioning of Fabric Unit, the Company is now looking forward into Garments.

Aadarsa Pidikiti
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This release was published on openPR.