Suryavanshi Q2 Net rises to Rs. 3.38 cr

Hyderabad, October 29, 2010

Suryavanshi Spinning Mills Ltd. (BSE Code: 514140) engaged in spinning activity in 1978 with a spindle capacity of over 1,00,000 has posted Net Profit of 3.38 Cr for the Quarter ended September 30th 2010, as compared to (0.23) cr. in the corresponding period of the previous year.

The company’s revenues soared to 69.72 cr. for the quarter posting a rise of 68.08% as compared to 41.48 cr. in the corresponding period of the previous year.The EPS of the Company has surged to 2.55 compared to (0.23) in the corresponding period of the previous year.The total exports in the quarter ending September’10 has increased by 400.38 % over the corresponding period. The exports constitute 41.43 % of the turn over in the half yearly ending September’10.

Suryavanshi is one of the integrated group Units in the country with backward integration into cotton ginning with production capacity of 1000 Bales per day of raw cotton (each bale 170 kgs) and also integrated forward with daily knitted garments production of 10,000 pieces capacity.
The company plans a substantial investment in near future to expand its production capacities. Post expansion Suryavanshi expects to increase its ginning capacity from 1000 Bales per day to 2000 bales whereas the spindle capacity is expected to rise up to 200000 spindles in the next three years. The daily garment production capacity is also expected to go up to 25000 pieces in the next three years.

Commenting on the results, Mr. B N Agarwal, CMD, Suryavanshi 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. To meet all the parameters in terms of international standards the management is continuously engaged in modernizing all its mills & units frequently in order to match global standards & provide a 360 degrees satisfaction to our customers.”

About Suryavanshi Spinning Mills Ltd

Suryavanshi (SVSM) Group started its operations with spinning activity in 1978 with a spindle capacity of 1728 and steadily grown to a capacity of 1,00,000 by 2002. Over the years the management has acquired an in-depth knowledge on raw-material.

By virtue of experience of more than five decades with the technical support of the latest machines available they select the best of raw-material for input in our plants. To meet all the parameters in terms of international standards the management kept on modernizing all its mills and the present equipment available is state-of-art machines in all the plants of the Company.

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This release was published on openPR.